Part of the American Dream is homeownership. Those who own a home benefit both financially and emotionally by a form of long-term stability: equity.

Equity is defined by the difference between what the homeowner owes and the house’s market value based on specific factors such as price appreciation. Equity fluctuates (generally raises) without the homeowner realizing it. In today’s seller’s market, equity is sky-high. The blend of low housing supply combined with high buyer demand is behind the increase. 

CoreLogic released the Homeowner Equity Insights Report, which outlines that the average homeowner gained $51,500 in equity over 2021, with a 29.3 percent increase in national homeowner equity.

If you are a homeowner, congratulations! You probably have a higher amount of equity now than you realize. If you’ve been a resident in the same house for over a year, you’ve probably gained even more equity. Equity can be used to cover future moves, pay towards a new home purchase, or refinance and pull the money out to achieve goals, like going back to school, renovating, etc.

If you aren’t a homeowner yet, understanding equity can be helpful to accomplish your life objectives. Don’t miss out on the opportunity to increase your net worth through homeownership. You could have gained over $50K in equity this year alone!

Talk with an expert at Concord Mortgage Inc. today to learn more about how home prices and homeownership can impact equity, contributing to your net worth.

Concord Mortgage is a mortgage lender/broker you can trust. Whether you’re looking to purchase a home, refinance your existing mortgage at a lower rate, tap into your home’s equity to make improvements, or consolidate debt, we have the best options to fit your needs. With over 35 years of experience, we have the expertise and resources to help families with varying needs. Call us anytime at 517-304-3669 or visit us at www.concordmortgageinc.com today.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.