It’s Time for a Home Equity Check

You know what they say, homeownership builds wealth, and that couldn’t be closer to the truth. Over the past few years, homeowners have gained a significant amount of equity from rapid home price appreciation. Although this news is thrilling to both new homeowners and experienced homeowners alike, those who have been in their homes between 10 to 30 years may be wondering how much equity they truly have at this point.

A recent study conducted by the National Association of Realtors (NAR) shows that those who have lived in their home for 10 years or more, can expect to have gained about $240,000 in equity so far.  For someone who’s been in their home for a while and is ready for a change, this data could be enough to motivate a move. Remember, the data provided by NAR is an estimate pulled from a study – it doesn’t determine how much equity you actually have in your home. If you’d like an “equity check” our team can give you a professional equity assessment.

Whether or not you’re interested in a move, knowing how much equity you have is always a good idea.

How Your Equity Builds Over Time

Home equity is the amount of home the owner actually possesses at any time and because equity depends on the market, it can fluctuate at any time. Home price appreciation is only one factor that boosts your equity. As you pay your monthly mortgage payment each month, your equity steadily increases as your home loan decreases.

For more ways to build your equity, click here!

Average Equity Growth over Time

The study from NAR breaks down the typical equity gain over time (see graph below). It calculates the equity a homeowner potentially gained if they purchased the median-priced home 5, 10, or 30 years ago and still own it today.

How Your Equity Can Grow over Time | MyKCM

These six-figure numbers are impressive and certainly enough to help you fuel a move into your next home, but they’re not a promised amount. Your own equity depends on how long you’ve been in the house, your home’s condition, any upgrades you’ve made, your area, and much more.

Ready for an Equity Check?

Home equity can be a game-changer if you’re considering moving, especially if you’ve been in your current home for a while. If you’re curious about your home equity and want to chat about your individual situation, we’re here to help! For an equity check, fill out the form below or give us a call at 562.896.2456 and we can run an equity check for you.

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About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster