How Much Did My Home Increase In Value

If you're a current homeowner, you should know your net worth likely just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the mortgage.

Today, you're building that equity far faster than you may expect, and this gain is great news for you. In case you've been living under a rock, you know home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren't enough homes for everyone to meet the high buyer interest, so bidding wars are driving up home prices. When you own a home, the rising prices mean your home is worth more today than it was before. And as home values climb, your equity does too.

2021 saw the largest annual appreciation gain in 45 years, generating a huge increase in wealth to homeowners. The latest homeowner equity insights from CoreLogic shed light on just how much rise in home values have boosted homeowner equity. According to that report, the average Florida homeowner's equity has grown by $76,000 in the last 12 months. How does this impact you?

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this. When you sell your house, the equity you built up comes back to you in the sale. In a market where you're gaining so much equity, it may be just what you need to cover a large portion, if not all, of the down payment on your next home. So if you've been holding off on selling and worried about being priced out on your next home because of today's home price appreciation, rest assured, your equity can help fuel your next move.

Bottom line, equity can be a real game-changer if you're planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let's connect so you can get a professional equity assessment report on your house.