Homeowners: Your equity has grown
Homeowners: Your equity has grown as a result of rising home values.
Home prices have been appreciating at a healthy clip. In the past year, the average grew by $55,300 but just how much has your equity increased? And what does that mean for your future plans?
Home equity is the difference between how much your home is worth and how much you still owe on your mortgage. It's an important number to know because it can give you a sense of your financial security and is a key factor in retirement planning.
Of course, if you're thinking of tapping into your equity, it's important to know how much your home has increased in value and what your equity position is. Otherwise, you could end up putting your dream project at risk.
Here's what you need to know about recent home price appreciation and its effect on your equity.
In the past few years, we've seen some healthy growth in home prices. That means equity levels have increased for most homeowners.That's good news for homeowners because equity can be used to finance major expenses like home renovations or a child's college education.
While this is good news, it's important to keep things in perspective. Home equity is only one piece of your financial puzzle. You'll also need to consider other factors, such as savings and investment growth when planning for retirement.
If you're like most people, your home is your biggest asset. So it's important to stay up-to-date on trends in the housing market. After all, your equity can have a big impact on your financial future.
If you're thinking about making a move, now is also a great time to do so! Reach out to us today to learn more about how you can take advantage of your increased equity.
Blog Source: https://www.keepingcurrentmatters.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/