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One Number Could Change Everything About Your Next Move
When’s the last time a Real Estate Agent told you what your house is worth? Not what some online valuation tool estimated. Not what your neighbor’s house sold for. What your home is ACTUALLY worth right now. For most homeowners, it’s been years. And if you’ve been thinking about moving, but higher home prices or mortgage rates have made you hesitate, here’s why it’s time to take another look at that number.
Your House May Be Worth More Than You Think
Home values have climbed significantly over the past 5-10 years. And even though today’s market is more balanced, homeowners are building wealth every day just by owning their homes. That’s equity. As home values rise, and you make monthly payments, your equity grows.
According to Cotality, the typical homeowner with a mortgage now has $310,500 in equity. 
In many states, homeowners have built even more equity than that. Although every local market is different, the question you should be asking is the same: How much equity do I have?
This Could Be the Missing Piece in Your Move
Most people assume that because prices are higher and rates aren’t at 3% anymore, moving just isn’t realistic right now, especially if they have an ultra-low rate. And that’s understandable – those are real factors. But they’re not the only factors.
When you have that much equity in your house, you’re not starting from scratch. You’re walking into your next move with more of an advantage than you think.
What Your Equity Can Do for You
Maybe you’ve outgrown your current house or you’re ready to downsize… The equity you’ve built could help bridge the gap between where you are today and where you want to be next.
Yes, your next house may cost more than your last one did. But your equity could cover a big chunk of that difference. Depending on how much you’ve built, it could help you:
- Lower your monthly payment. The bigger your down payment, the less you have to borrow. And with today’s rates, borrowing less can make a big difference in what you pay every month.
- Buy your next house with cash. This surprises a lot of people, but some homeowners have built enough equity to buy their next home outright, in cash. According to the National Association of Realtors, more than one-quarter (26%) of repeat buyers paid all cash for their home in July.
- Transform the home you already have. Love your neighborhood but not your floor plan? You don’t have to move. Your equity could help fund renovations that make your home fit your life today while potentially adding value for tomorrow.
Your equity doesn’t erase the challenges of the current market. But it does mean you’re walking into your next move with a lot more power and flexibility than you think.
Consider an Equity Assessment
If you’re even thinking about a move – or if you’re just curious what your options might be – get an equity assessment. That will give you a real, market-based evaluation of what your house is really worth right now and how much equity you have.
Bottom Line
If it’s been a while since a professional has estimated your home’s value, let’s change that!
