76.9% Change In Home Prices Over 5 Years

Housing Is Local, And So Is Your Equity

Due to the disparity between the number of homes available for sale and the number of buyers in the market, home prices have risen considerably over the past few years. However, while price appreciation has slowed down in recent times, this doesn't mean that you've lost all the equity in your home. The latest Homeowner Equity Insights report from CoreLogic reveals that the average homeowner's equity has increased by $34,300 in the past year alone.

If you have lived in your home for longer than a year, chances are you have even more equity than you realize.

While this is the national average, if you're curious about what happened in your area, you can look at the map below from the Federal Housing Finance Agency (FHFA). It shows the average rise in home prices over the past five years, which has played a significant role in equity growth.

Home Equity & You

Equity helps boost your overall net worth and can help you achieve other goals, such as purchasing your next home. When you sell your current home, the equity you've built up returns to you in the sale, and it could be exactly what you need to cover a significant portion, if not all, of the down payment on your next home.

So, if you've been delaying the decision to sell, it might be time to figure out how much equity you have and how it can help fuel your next move. The Maine real estate market has seen huge growth over the past 5 years, ticking up 76.9% according to the FHFA data, and if you're a homeowner, it's essential to understand the implications of this growth on your home's equity.

Do You Know Your Home's Equity?

Homeownership is a long-term game, and if you're planning to make a move, the equity you've accumulated over time can have a substantial impact. Let's connect to find out how much equity you have in your current home and how you can use it to support your next purchase.