Are you a homeowner? If so, great news! You're sitting on some serious equity, even if home price appreciation has slowed down recently. This means that your net worth has likely increased over the past few years thanks to rising home prices.
Even though price appreciation has slowed down this year, don't worry, you haven't lost all the equity in your home. In fact, the average homeowner's equity has grown by $34,300 in the past year alone, according to the latest Homeowner Equity Insights report from CoreLogic.
And if you've owned your home for even longer than that, you likely have even more equity than you realize.
While that’s the national number, if you want to know what happened in your area, look at the map below from the Federal Housing Finance Agency (FHFA). It shows on average how much home prices have risen over the past five years, which has been a major driver behind equity growth.
So why is this so important right now? Well, having equity in your home can help you achieve other goals, like buying your next home. When you sell your current house, the equity you've built up comes back to you in the sale, and it could be enough to cover a large portion - or even all - of the down payment on your next home.
If you've been holding off on selling, now may be a good time to find out how much equity you have and how it can help you make your next move.
Remember, homeownership is a long game, and the equity you've gained over time can make a big impact. If you want to find out more about how much equity you have in your current home and how you can use it to fuel your next purchase, let's connect!