Discover the Hidden Wealth in Your Home
Have you been living in your home for a few years? If yes, you’re sitting on a gold mine called home equity. Unsure what that means? Let’s break it down with a simple definition from Freddie Mac:
“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”
Think of it as a savings account that grows with every mortgage payment and as your home value increases. Last year, there was a slight dip in home prices, but guess what? They’re on the rise again in many regions. This increase is fantastic news for homeowners like you!
Selma Hepp, CoreLogic’s Chief Economist, highlights this in the latest Equity Insights Report:
“With price gains continuing to help homeowners build wealth, equity has reached a new high and regained losses that resulted from declines last year. And while the average U.S. homeowner gained over $20,000 in additional equity compared with the third quarter of 2022, some markets are seeing larger increases as price growth catches up.”
To put this into perspective, the average homeowner with a mortgage is sitting on over $300,000 in equity. That’s a significant amount of money that can open new doors for you. Here’s how:
Time for a Change? Buy a New Home Are you feeling cramped in your current home, or is it too big now? Use your equity as a down payment to find a home that’s just the right size for your evolving needs. Click here to learn more
Invest in Your Current Home Not ready to move? Your home equity can fund improvements in your current house. Remember, not all upgrades are created equal. Consult a real estate agent to figure out which renovations will boost your home’s value the most. Click here to learn more
Fuel Your Dreams Ever dreamt of starting a business, retiring in style, or furthering your education? Your home equity can be the key to these ambitions. However, use this resource wisely – it’s not for splurging, but for making impactful life changes. Click here to learn more
Maybe consider a Home Equity Conversion Mortgage if you are retired or about to retire: Understanding your equity can be a lifeline in tough financial times, especially for seniors and a reverse may help. With rising inflation, medical costs or managing debt. Or maybe you want to move closer to your grandkids or travel more. The Golden years should be the years you should enjoy the most. Click here to learn more.
Next Steps Curious about your home’s equity? Contact me here and I can provide a professional equity assessment, showing you how much you’ve accumulated and how to use it to achieve your goals.