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April 7, 2021

Leveraging Your Equity to Make a Move

Does your current equity position in your home make your next move easier or harder? Learn how to leverage your hard-earned home equity.

According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. The graph below is a great example of how home price appreciation can work in your favor. If you purchased a $300,000 home in January of this year, based on projected home price appreciation, you would potentially gain an expected $54,221 in equity over the next 5 years – just by being a homeowner. So, if you’re thinking of moving, remember that as a homeowner, you may have more equity in your house than you realize. Using it to make a move to a new home while interest rates are still low may be the best decision you could make. Mark Fleming, Chief Economist at First American, notes:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

Bottom Line

Whether you’re ready to move up into a larger home or downsize into a smaller one, let’s connect to see if your current home equity positions you to make your next move sooner than you may have thought possible.

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We would love to connect with you about our homes and co-op program for realtors. Please fill out the form below and one of our team members will be in touch shortly.

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