How Your Equity Can Grow over Time

Let’s start by establishing how you build equity in your home. While price appreciation is clearly a factor that can help boost your equity, you also build equity over time as you pay down your home loan. NAR explains, “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”

Record levels of home price appreciation have spurred significant equity gains for homeowners over the past few years. As Diana Olick, Real Estate Correspondent at CNBC, says, “The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth.”

If you want to find out how much equity you have, partner with a trusted real estate professional for an equity assessment on your home. They can provide an expert opinion on what your house is worth today and how the equity you’ve gained over time can help you when you purchase your next home. It may be some (if not all) of what you need for your next down payment.

If you’re thinking about selling your house and making a move, home equity can be a real game changer, especially if you’ve been in your current home for a while. If you’re ready to find out how much equity you have, DM me.

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