May 7, 2025
What’s Your House Worth Now? The Answer May Surprise You
You keep an eye on your savings and investments—but what about your home’s value? At Slater Realty Group we believe it’s a major part of your net worth, yet we see that it can be often overlooked. When was the last time you got a professional update on what your property could sell for today?
It’s something worth putting on your radar. For many, a home is the largest financial asset they own. And if you’ve had yours for a while, it’s likely been gaining value without you even realizing it. The truth? You could be sitting on more equity than you think.
What Exactly Is Home Equity?
It’s a form of wealth you might not even know you’re building called home equity. Simply put, it’s the gap between your home’s current market value and what you still owe on your mortgage. Your equity increases as home prices go up and as you chip away at your loan balance. Let’s break it down with a quick example to make it clearer.
Imagine your home is worth $400,000, and your remaining mortgage balance is $150,000. That means you’ve built up $250,000 in equity. It’s a big chunk of wealth—and like many homeowners today, you might not even realize just how much is there.
Why You Might Have More Home Equity Than You Realize
There are a couple of big reasons why many homeowners today have built up a surprising amount of equity—maybe even more than they expected:
- Home Prices Have Soared in Recent Years
In the past five years, home prices have surged by more than 50% across the country. So, if you purchased your home a few years ago, it’s likely worth a lot more now. That rise in value has likely increased your equity, even if you haven’t been closely tracking the market.
- Homeowners Are Staying Put Longer
The average homeowner now stays in their home for about 10 years. During that time, not only have you been steadily paying down your mortgage, but you’ve also seen the value of your home increase as property prices rise. This combination works together to steadily build equity without you even having to think about it.
What Can You Actually Do with All That Equity?
Think of your home equity as a financial tool—one you might not have considered tapping into. Since your home is likely your largest asset, putting that equity to work could open doors to new possibilities:
- Buy Your Next Home More Easily
Whether you’re looking to upsize, downsize, or relocate, the equity you’ve built can help cover a substantial down payment or even allow you to purchase your next place outright with cash, depending on your situation. - Update Your Current Space
Need a home office, modern kitchen, or more functional layout? Using some of your equity to fund smart renovations can make your home a better fit for your lifestyle and may also increase its future resale value. - Invest in a New Venture
Always dreamed of starting your own business? Your equity could help cover startup expenses like equipment, inventory, or marketing turning your long-time goal into a real income opportunity.
The Bottom Line
Your home may be holding more value than you think. Whether you’re planning to move, renovate, or just want to explore your financial options, your equity is more than just a figure—it’s an opportunity. If you are ready to take that next step Slater Realty Group is here to help guide you through the process. Let’s talk about how to turn that built-up value into something meaningful for your future.
Contact Jim Slater today at 612-590-1802 if you are ready to list your home.
Sooner or later, you’ll call Jim Slater!
Source
Coldwell Banker Realty
