As a homeowner, home equity grows in the background while you own your home. Each month, as you make your monthly mortgage payments, paying down your principal, and as the value of your home appreciates, you gain more in home equity. This graphic demonstrates the potential growth in household wealth over the next 5 years based solely on increased home equity if you would have bought a home in January 2024 (based on a $400,000 purchase price). 

When you continue to rent, you lose the opportunity to have that home equity grow. In Southern California, $400,000 seems like the purchase price of an entry level 2 bedroom condo, not a house in most neighborhoods. If you increase that purchase price, then often the upward price appreciation potential is even higher, too. 
With mortgage rates lower today than a year ago, many home buyers will feel like buying a home is now more within reach.
Here are 3 things to consider this fall:
1. What is your WHY? Why are you considering selling your home or purchasing your home? Is your WHY big enough to carry you through any obstacles, hurdles, and the journey?
2. WHO is your trusted resource? Hopefully if you are reading this, we are your trusted REALTORS. Now more than ever, it is important to have a professional guiding you through the home buying and home selling process. I have a trusted network of professionals in the lending, title, escrow, and ancillary services so that you get top tier service in all categories.
3. WHEN? When are you planning to make a move? If you want to be sold before the holidays, then you should call me today! 
It is easy to put off and procrastinate on big decisions because they can feel so overwhelming. Our job is to help come alongside you, be the professionals, and make it less daunting.
Call us today and we can show you how much home equity you’ve saved in your home by giving you a rough idea of your home value. Want a more nuanced analysis of your home value? Invite us over and we can talk about what your home would sell for in TODAY’s real estate market! 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.