When Was the Last Time You Checked Your Home’s Value?
When was the last time you had a professional look at what your home is worth?
Not an online estimate. Not what a similar house down the street sold for. What your home could actually be worth in today’s market.
For many homeowners, it’s been years since they’ve had an updated valuation. And if you’ve been considering a move but higher home prices or mortgage rates have made you hesitate, knowing your current equity could change the way you look at your options.
Your Home May Be Worth More Than You Think
Home values have increased significantly over the past several years. Even in today’s more balanced market, homeowners continue to build wealth through homeownership.
As your home’s value increases and you make your monthly mortgage payments, your equity can grow. Over time, that can add up to a significant amount.
According to Cotality, the typical homeowner with a mortgage now has $310,500 in equity. That’s a substantial amount of wealth built through homeownership.
And your situation could be different from the national average. The only way to know how much equity you’ve built is to get an updated look at your home’s current value and what you still owe on your mortgage.
So the question is: How much equity have you built?
Your Equity Could Change the Math on Your Next Move
It’s easy to look at today’s home prices and mortgage rates and assume moving isn’t realistic.
That’s especially true if you currently have a much lower mortgage rate. Those are important factors, but they’re not the whole picture.
If you’ve built significant equity, you’re not starting from scratch. The equity in your current home could become an important part of your next move, helping you put more money toward your next home or giving you other options you may not have considered.
What Could Your Equity Help You Do?
Maybe you’ve outgrown your current home. Maybe you’re ready to downsize. Or maybe you simply want a home that better fits your life today.
The equity you’ve built could help bridge the gap between where you are now and where you want to go next.
Depending on your situation, your equity could help you:
- Lower your monthly payment on your next home. A larger down payment means borrowing less, which can make a meaningful difference in your monthly payment.
- Purchase your next home with cash. Some homeowners have built enough equity to purchase their next home outright. According to the National Association of Realtors, 26% of repeat buyers paid cash for their home in July.
- Improve the home you already own. If you love your neighborhood but your home no longer fits your needs, your equity could potentially help fund renovations instead of a move.
Your equity doesn’t eliminate the challenges of today’s housing market. But it could give you more options than you realize.
Know What Your Home Could Be Worth
Your home’s value is more than just a number. It can help you understand what opportunities may be available to you.
If you’re considering a move—or simply want to know where you stand—a Professional Equity Assessment can provide a market-based estimate of your home’s current value and give you a clearer picture of the equity you’ve built.
Once you know the number, the question may not be “Can I afford to move?”
It may be “What options do I have?”
Bottom Line
If it’s been a while since you’ve had a professional look at your home’s value, now may be a good time to find out where you stand.
Reach out for a free, personalized Home Equity Assessment to estimate what your home could sell for, how much equity you may have built, and what that could mean for your next move.
Contact a loan officer today to learn more about your home equity and your options.
