UNDERSTANDING THE VALUE OF YOUR HOME Let's talk about something you might not check nearly as often as your bank account - your home's worth. Knowing the value of your home is crucial for your financial situation. When was the last time you had a professional evaluate your home's value? Think about it. For most people, their house is the biggest asset they have. If you've owned your home for a few years or longer, it's likely been quietly building wealth for you. You might be surprised by just how much. What Is Home Equity? Home equity is the difference between what your house is worth and what you still owe on your mortgage. It grows over time as home values rise and as you pay down your mortgage each month. Here's an example to help you understand how this works. If your house is now worth $500,000 and you have $200,000 left to pay off on your loan, you have $300,000 in equity. Most homeowners are sitting on significant equity right now. According to Cotality (formerly CoreLogic), the average homeowner with a mortgage has about $311,000 in equity. Why You Probably Have More Than You Think Here are the two main reasons homeowners have record amounts of equity right now: Significant Home Price Growth. According to the Federal Housing Finance Agency (FHFA), home prices have jumped by more than 57% nationwide over the last five years. If you purchased your home a few years ago or more, this means your house is likely worth much more now than when you first bought it, thanks to how much prices have climbed lately. Understanding your home's worth and the equity it has built can significantly impact your financial planning and decisions. Don't overlook this critical aspect of your wealth. Contact me today for a complimentary market analysis of your home's value. NORMAN 'NICK' PREVOST REALTOR® 860-333-6330 nick@nkprevost.com NickSellsCT.com TAILORED REAL ESTATE SERVICES ACROSS THE CONNECTICUT SHORELINE AND BEYOND. WILLIAM RAVEIS 33 Main Street, Old Saybrook 860.388.3936 UNDERSTANDING THE VALUE OF YOUR HOME Let's talk about something you might not check nearly as often as your bank account - your home's worth . Knowing the value of your home is crucial for your financial situation . When was the last time you had a professional evaluate your home's value ? Think about it . For most people , their house is the biggest asset they have . If you've owned your home for a few years or longer , it's likely been quietly building wealth for you . You might be surprised by just how much . What Is Home Equity ? Home equity is the difference between what your house is worth and what you still owe on your mortgage . It grows over time as home values rise and as you pay down your mortgage each month . Here's an example to help you understand how this works . If your house is now worth $ 500,000 and you have $ 200,000 left to pay off on your loan , you have $ 300,000 in equity . Most homeowners are sitting on significant equity right now . According to Cotality ( formerly CoreLogic ) , the average homeowner with a mortgage has about $ 311,000 in equity . Why You Probably Have More Than You Think Here are the two main reasons homeowners have record amounts of equity right now : Significant Home Price Growth . According to the Federal Housing Finance Agency ( FHFA ) , home prices have jumped by more than 57 % nationwide over the last five years . If you purchased your home a few years ago or more , this means your house is likely worth much more now than when you first bought it , thanks to how much prices have climbed lately . Understanding your home's worth and the equity it has built can significantly impact your financial planning and decisions . Don't overlook this critical aspect of your wealth . Contact me today for a complimentary market analysis of your home's value . NORMAN ' NICK ' PREVOST REALTOR® 860-333-6330 nick@nkprevost.com NickSellsCT.com TAILORED REAL ESTATE SERVICES ACROSS THE CONNECTICUT SHORELINE AND BEYOND . WILLIAM RAVEIS 33 Main Street , Old Saybrook 860.388.3936