• calendar_month September 10, 2024
• folder Uncategorized

The Hidden Treasure in Your Home: Discovering the Equity You’ve Built Over the Years

As you consider the possibility of selling your home, there are likely many factors on your mind. One of the biggest concerns for most homeowners today is affordability. But what if we told you that understanding how much equity you’ve built up could make your decision a whole lot easier? Let’s explore two key factors that significantly impact your home equity.

The Time You’ve Spent in Your Home

One of the biggest contributors to your home equity is how long you’ve lived in your house. Years ago, homeowners typically stayed in their homes for about six years before selling. But recently, that average has jumped to 10 years, according to the National Association of Realtors (NAR).

Why does this matter? Simply put, the longer you’ve stayed in your home, the more equity you’ve likely built. Every mortgage payment you’ve made, combined with the rising home prices over the past decade, means you could be sitting on a significant amount of equity.

The Power of Home Price Appreciation

Another major factor in your equity is how much home prices have appreciated over time. According to the Federal Housing Finance Agency (FHFA), the average homeowner who has lived in their home for five years has seen its value increase by nearly 60%. And for those who have been in their homes for 30 years? Their home’s value has more than tripled.

This appreciation could open doors to new possibilities, whether you’re dreaming of downsizing, relocating, or moving closer to loved ones. Your equity is a powerful tool that can help you take the next step toward your future.

Final Thoughts

If you’re curious about how much equity you’ve gained over the years and how it can help you achieve your next goal, we’d love to help. Reach out to us, and together, we’ll explore the possibilities that await you.