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Want to know something important you probably don’t have a professional check for you nearly as often as you should? Spoiler alert: it’s the value of your home. Because here’s the reality. Your house is likely the biggest financial asset you have. And if you’ve lived in it for a few years or more, chances are it’s been quietly building wealth for you in the background – even if you haven’t been keeping tabs on it. You might be surprised by just how much it’s grown, even as the market has shifted over the past few months. What Is Home Equity? That hidden wealth in your home is called equity . It’s the difference between what your house is worth today and what you still owe on your mortgage. Your equity grows over time as home values rise and as you make your monthly payments. Here’s an example to help you really understand how the math works. Let’s say your house is now worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000 in equity. And that’s right in line with what the typical homeowner has right now. According to Cotality, the average homeowner with a mortgage has about $302,000 in equity. Why You Probably Have More Than You Think Here are the two main reasons homeowners like you have near record amounts of equity right now: 1. Significant Home Price Growth. According to the Federal Housing Finance Agency (FHFA), home prices have jumped by nearly 54% nationwide over the last five years (see map below):
For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them. But there’s some encouraging news. If you’ve been waiting for a better time to jump back in, affordability may finally be showing signs of improvement this fall. The latest data from Redfin shows the typical monthly mortgage payment has been coming down, and is now about $290 lower than it was just a few months ago ( see graph below) :
Waiting for the perfect buyer to fall in love with your house? In today’s market, that’s usually not what’s holding things up. And here’s why. Let’s be real. Homes are taking a week longer to sell than they did a year ago. According to Realtor.com : “Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.” Part of that is because there are more homes on the market. So, with more options for buyers to choose from, they aren’t getting snatched up quite as fast. But there’s another big reason: price. The Average List Price Isn’t Going Up – and That Matters Today, a lot of homeowners are overshooting their list price. They remember the big climb in home prices a few years ago, and they don’t realize how much has changed. One of the most important, but often overlooked, changes in today’s housing market is this: average list prices have held steady for the past few years. That’s a big shift from a typical market, where prices were rising steadily each year. And it’s significantly different than the 2021-2022 surge when sellers could set their price just about anywhere and still attract multiple offers over asking. But now? That trend has leveled off – and sellers who want to stay competitive need to take note ( see graph below ):
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