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Discover Your Home’s Current Market Value

The Results May Surprise You
Discover Your Home’s Current Market Value — The Results May Surprise You.



When was the last time you checked the value of your home?

Chances are, you monitor your bank account regularly—but your home’s worth? Probably not as often. And yet, it plays a major role in your overall financial picture.
For most people, their home is their largest asset. If you’ve owned yours for a few years (or more), it’s likely been gaining value without you even noticing. A professional home valuation could reveal just how much wealth your property has built over time—and the results might surprise you.
 
What Exactly Is Home Equity?

Home equity is a form of wealth many homeowners don’t even realize they have. Simply put, it’s the difference between your home’s current market value and the remaining balance on your mortgage.
As property values rise and you continue making monthly payments, your equity grows—often without you even thinking about it.
 
For example, if your home is worth $500,000 and you still owe $200,000 on your mortgage, that means you’ve built up $300,000 in equity. And right now, many homeowners are sitting on more equity than they might expect.
 
According to Cotality (formerly CoreLogic), the typical homeowner with a mortgage has built up approximately $311,000 in home equity.
 
Why Your Home Equity Might Be Higher Than You Realize
There are two key reasons why many homeowners are seeing record levels of equity today:
 
1. Significant Home Price Growth. Home prices have risen over 57% nationwide in the past five years, according to the Federal Housing Finance Agency (FHFA) (see map below).
 
a map of the united states
If you bought your home a few years ago or earlier, there’s a good chance it’s now worth significantly more than when you purchased it—thanks to recent home price increases.
 
2. People Are Living in Their Homes Longer. According to data from the National Association of Realtors (NAR), the typical homeowner now remains in their home for approximately 10 years (see graph below).
 
a graph of blue bars with orange text
 
That’s a longer timeframe than in the past. And during that decade, you’ve likely built up equity simply by making your mortgage payments and benefiting from increasing home values.
So, if you’ve been in your home for a while, here’s a look at how much that quiet rise in home values has worked in your favor. According to NAR:
“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”
What Could You Do with That Equity?
Your home might be your largest financial asset, and if you’re strategic about using your equity, it can unlock some exciting opportunities for your future.
  • Use it for your next home purchase: Your equity can be a powerful tool for your next home’s down payment. In some cases, it could even give you the ability to buy your next home outright with cash.
  • Renovate your current home: If your needs have changed, using your equity for renovations could make your home more suited to your lifestyle. Plus, if you plan to sell later, these improvements might add even more value.
  • Start that business you’ve always dreamed of: Your equity could provide the funds you need to cover startup costs, buy equipment, or invest in marketing. This could increase your earning potential and provide a new financial opportunity.
Bottom Line
There’s a good chance your home is worth more than you think. Whether you're considering selling, upgrading, or just exploring your options, your equity is more than just a number—it’s a tool to help you reach your goals.
 
If you sold your home and had a significant amount of equity, what would you do with it? Connect with a Benson & Mangold agent about how you can turn your home’s value into your next big move.
 
Source: Keeping Current Matters
 

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