Record Equity Gains Can Power Your Next Move
Updated: Oct 10, 2022
Equity can be a real game-changer if you’re planning to make a move. According to the latest data from CoreLogic, the average homeowner gained $64,000 in equity over the past year, a number that grew substantially as home values appreciated.
Why Equity Is Growing Today For a homeowner, your equity is the current value of your home minus what you owe on the loan. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected nationally and that should continue to give your equity a boost.
The graph below uses projections from the Home Price Expectation Survey (HPES) by Pulsenomics to show that if someone purchased a median priced home in January 2022 how their home value is expected to grow over the next five years.
The Opportunity Your Rising Home Equity Provides In addition to building your overall net worth, equity can also 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 may be just what you need to cover a large portion – if not all – of the down payment on your next home.
So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of home price appreciation, rest assured your equity can help fuel your move.
Bottom Line Let’s connect to determine how much equity you have in your current home and how you can use it to help you make your next move today.