How Much Home Equity Have You Gained? The Answer Might Surprise You Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is Home Equity? Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing record amounts of equity. According to Intercontinental Exchange (ICE), the average homeowner with a mortgage has $319,000 in home equity. Why Have Homeowners Gained So Much Equity? The rise in home equity over the years can be credited to two key factors: 1. Significant Home Price Growth Home prices have climbed dramatically in recent years. In fact, according to the Federal Housing Finance Agency (FHFA), over the past five years, home prices nationwide have risen by 57.4% (see map below): This appreciation means your house is likely worth much more now than when you first bought it. 2. Longer Tenure in Homes Data from the National Association of Realtors (NAR) shows people are staying in their homes for a decade (see graph below): This increased tenure means homeowners benefit even more from home values growing over time. That’s because the longer someone has lived in their house, the more that home’s value has grown, which directly increases equity. And if you’re one of those people who’s been in their home for 10 years or more, know this – according to NAR: “Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.” The Benefits of Having Home Equity What does that mean for you? It means your house might be your biggest financial asset — and it could open up some exciting opportunities for your future. Let’s break it down. Moving to Your Next Home Your equity could help you cover the down payment for your next home. In some cases, it might even mean you can buy your next house all cash. Financing Home Improvements Thinking about upgrading your kitchen, adding a home office, or tackling other projects? Your equity can provide the funds to make those improvements happen, increasing your home’s value and making it more enjoyable to live in too. Getting a Business Going If you’ve been dreaming about starting your own business, your equity could be the kickstart you need. Whether it’s for startup costs, equipment, or marketing, leveraging your home’s value can help bring your entrepreneurial goals to life. Bottom Line If you’re thinking about selling, upgrading, or just curious about where you stand, your home equity can open up some great possibilities. Wondering how much equity you’ve built or how you can use it to reach your goals? Reach out to me—I’m here to help you explore your options and make the best move for your situation!

Read More

The #1 Reason People Move: To Be Closer to Family and Friends Have you ever thought about packing up and moving to be closer to the people who mean the most to you? Maybe you’re tired of long drives to see your family or wish your kids could spend more time with their grandparents. Clearly, a lot of other people feel the same way. According to recent data from the National Association of Realtors (NAR), the desire to be near family and friends is the #1 reason people move (see graph below): That’s because moving isn’t just about finding a new house – it’s about living a life where you’re surrounded by the people who matter most. Whether it’s catching up over weeknight dinners, watching your kids play with their cousins, or just knowing someone’s there when you need them, living near loved ones changes everything. Let’s dive into why so many people are making this move and how it could be the best decision for you, too. Why Family Comes First Living near family and friends is a universal motivator that cuts across all types of buyers, whether you’re buying your first home or making a big lifestyle change. But it’s especially important to repeat buyers. Unlike first-time homebuyers, who may be more focused on looking in more affordable areas, repeat buyers often have more flexibility on where they live. Many Baby Boomers, for example, have built significant equity in their homes, giving them the freedom to prioritize what matters most – like retiring near their grandkids. As Ali Wolf, Chief Economist at Zonda, says: “25% of Baby Boomer households plan to retire near their children and grandchildren . . .” Making a move to be closer to friends and family is all about creating a meaningful next chapter in your life where loved ones are just around the corner. The Benefits of Living Near Loved Ones But moving closer isn’t just a lifestyle choice – it’s a decision that offers real benefits: Spending More Time Together Whether it’s joining family dinners, going to weekend activities, or simply having someone nearby to talk to, these moments strengthen relationships and make life more fulfilling. Sharing Resources Living close to family can provide practical advantages, too – like sharing childcare, tools, or household items. Cutting Down on Travel Instead of spending hours on the road to spend time together, you can enjoy more spontaneous visits. This not only enhances your quality of life, but it also provides peace of mind in case of emergencies. Being There for Big Moments It also offers both emotional and practical support during life’s milestones. From graduations to tough times, being close to loved ones helps you feel connected and cared for. Ready To Make Your Move? At the end of the day, home isn’t just a place you live – it’s where your people are. Whether you’re looking to spend more quality time with family or enjoy the practical benefits of being closer to loved ones, the decision to move closer to those you care about is a deeply personal one. Bottom Line If you’re thinking about making a change, our team would love to help. Together, we can explore neighborhoods that brings you closer to the people and places you love most.

Read More

New Year, New Home: How To Make It Happen in 2025 This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start? Here’s some advice that can help you get the ball rolling. Focus on Your Why To lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally ready to buy your first home. Whatever your reason, it’s important to keep it front and center. Your why is what helps you stay focused. Share your motivation with your agent and they’ll use their expertise to help support that goal, no matter what the market looks like. With a great agent by your side, you’ll have someone to guide you, problem-solve, and keep you moving forward until you can check that goal off your to-do list. Get Clear on What You Need Then it’s time to figure out what your next home needs to have. How many bedrooms do you need? If you don’t have a designated home office, is that a deal-breaker? What about a big fenced-in backyard? Knowing your must-haves and nice-to-haves makes the search a lot smoother. Since affordability is still tight, it’s important to have a clear idea of your essential items upfront. Maybe you can flex a bit on location, if it’s got everything else you’re looking for. Go over those essential items with your agent and they’ll help you focus on the homes that check the boxes that matter most while staying within your price range. Know Your Numbers Before you jump in, take a look at your finances. How much have you saved? What monthly payment feels comfortable? Getting clear on your budget early will help you know what’s possible. The best way to do this is by partnering with trusted real estate professionals, like a local agent and a lender. They’ll help you: Plan for your down payment and look into down payment assistance programs Understand the equity you have in your current home and how you can use it to fuel your next move if you’re selling Get pre-approved for a mortgage so you know what you can borrow Lean on a Pro To Guide You It can be hard to know where to start, but you don’t have to do it alone. A real estate agent knows what you need to do to get ready to buy or sell, how to navigate the process, and can answer your questions every step of the way. As Bankrate puts it: “. . . now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent. If you want to enter the housing market in 2025, whether as a buyer or a seller, let a pro lead the way for you.” Remember, buying or selling is a big milestone and a great goal for this year. With the right expert on your team, you’ll feel confident and ready to take on the market. Bottom Line Thinking about buying or selling a home in 2025? Let’s make it happen! Start by focusing on your goals, knowing what you need, and partnering with someone who can guide you every step of the way. I’m here to help you turn your real estate resolutions into reality this year!

Read More