Your equity grows as you pay down your home loan and as home prices increase. With home prices rising again, your equity is getting an extra boost.
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- If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
- While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
Are you thinking about selling your house?
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity.
You may see media coverage talking about a drop in homeowner equity.
If you’re a homeowner, odds are your equity has grown significantly over the last few years.
If you’re a homeowner, you might be torn on whether or not to sell your house right now.
One of the benefits of being a homeowner is that you build equity over time.
- If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
- On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term.
Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs.