Thinking about Downsizing?
Thinking about Downsizing or planning on retiring? That’s a big decision!
Maybe you are thinking about it because your house doesn’t quite work for you anymore. Here’s the thing, if you have owned your home for a while now, you have likely built up a significant amount of equity and it can help you buy a home that would be a better fit your current needs!
What is Equity? Equity is the current value of your home, minus what you owe on the loan. Home equity increases when you pay down your loan over time and when home price appreciation drives up your home's value.
To summarize…Homeownership boosts your Net Worth through Equity.
According to data from FHFA Home prices have grown significantly over time (See link at Bottom). On average, homeowners who have owned their home for 5 years, see an increase in value of over 60%. That’s Crazy! Those who have owned their home for more than 30 years, the value has nearly tripled.
Now this does vary by location, but based on those numbers, I bet you that your house has appreciated significantly as well.
If you are someone who has been thinking about relocating to your dream destination, retiring, downsizing, moving closer to family… Whatever your reason may be, then this is really good news! As your trusted real estate advisor and local Compass team, we want to help you get the most bang for your buck.
We can not only help you establish a plan to get your home sold for the maximum dollar amount, but we also know realtors everywhere! Wherever you want to move to, Mexico, Portugal, Hawaii, you name it, we’ve got you covered and we know the best all over the country.
If you are curious about your home equity, you know who to call.
Reach out today to talk with one of our Essig Team realtors to learn about what your home is worth, and make your dream a reality.
-Alyssia Essig: Essig Team of Compass Team Leader