Do you know how much equity you have in your house?
Equity is the value of your home minus how much you still owe on your home loan. And if you’ve owned your home for at least three years, you may have a lot more equity than you realize. Based on data from core logic, the average homeowner has $270,000 worth of equity with 90,000 of that gained over the last three years alone.
Source: NAR
That big boost over the last few years is due to the rapid home price appreciation we saw during the pandemic. Here’s why this matters for you:
If you’re looking to sell your house so you can buy another one, your equity can be a game changer for that purchase.
That’s because it may be some, if not all, of what you need for your down payment. If you’re ready to move, your home equity can make it possible.
To find out just how much you have, and how it can power your next move, let’s chat!
