How much home equity do you think you have gained?
Home Values have Risen
As you may realize, when home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there is a good chance you have accumulated a significant amount of equity — maybe even more than you realize.
Home equity is the difference between what your house is worth and what you owe on your mortgage. Right now, homeowners across the country are seeing record amounts of equity. And certainly, true in our own Somerset Hills area!
The statistics calculated say that the average homeowner with a mortgage has an average of $319k in home equity.
Why Have Homeowners Gained So Much Equity?
The rise in home equity over the years are two-fold:
Significant Home Price Growth
Home prices have climbed dramatically in recent years. The Federal Housing Finance Agency (FHFA), over the past five years have said home prices nationwide have risen by 57.4%
This appreciation means your house is likely worth much more now than when you first bought it.
Longer Time of Ownership*
* the National Association of Realtors (NAR) shows people are staying in their homes for an average of a decade.
This increased tenure means homeowners benefit even more from home values growing over time. That’s because the longer someone has lived in their house, the more that home’s value has grown, which directly increases equity. Also, in our own SOMERSET HILLS area people are not being transferred around the country as much, which accounts for a longer ownership.
The Benefits of Having Home Equity
What does that mean for you? It means your house might be your biggest financial asset — and it could open some exciting opportunities for your future. Let’s break it down:
Your equity could help you cover the down payment for your next home or help finance home improvements. Thinking about upgrading your kitchen, adding a home office, or tackling other projects? Your home equity can provide the funds to make those improvements happen, increasing your home’s value and make it more enjoyable to live in, too.
In addition, if you’ve been dreaming about starting your own business, your equity could be the kickstart you need. Whether it’s for startup costs, equipment, or marketing, leveraging your home’s value can help bring your entrepreneurial goals to life.
Whether you’re thinking about selling, upgrading, or simply want to understand your options, your home equity is a powerful resource. If you’re wondering how much equity you’ve built or how you can use it to meet your goals, call me. I can help you explore your options.
Tell me about your dream neighborhood. I can help you find your new home as your trusted advisor and financial guardian.
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I’d love to give you a detailed picture of what our company and I can do for you!
By incorporating my personal attention and guidance into the marketing strategy I aim to provide you with
an Exceptional Selling Experience
while ensuring that your property receives the exposure needed
to attract buyers from anywhere
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Get a positive, helpful partner for buying or selling your home:
Trusted resource for answers about the process
Innovative marketing strategies
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Why would you settle for anything less?
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
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since 1983