One Number Could Change Everything About Your Next Move

Written By Tammy DeWolfe

When's the last time someone told you what your house is worth? Not what some online valuation tool guessed. Not what your neighbor's house sold for. What yours is actually worth right now.

For a lot of homeowners, it's been years. And if you've been thinking about moving, but higher home prices or mortgage rates have made you hesitate, here’s why it’s time to take a second look at that number.

Your House May Be Worth More Than You Think

Home values have climbed significantly over the past 5-10 years. And even though today's market is more balanced, homeowners are building wealth every day just by owning their homes. That’s how equity works. As home values rise, and as you make your monthly payments, your equity grows. And it adds up fast.

According to Cotality, the typical homeowner with a mortgage now has $310,500 in equity. That's not a small number. It’s six figures.

And that’s only the national average. In many states, homeowners have built even more equity than that. Take a look at the map below and see where your state stands. The darker the blue, the more equity the typical homeowner has there (see map below):

Even though every local market is different, the question you should be asking right now is the same: How much equity have you built up?

Because if you don’t know that number, you’re missing out.

This Could Be the Missing Piece in Your Move

Most people assume that because prices are higher and rates aren't at 3% anymore, moving just isn't realistic right now, especially if they already have an ultra-low rate. And that's understandable – those are real factors.

But they're not the only factors.

When you have that much equity in your house, you're not starting from scratch. You're not scraping together a down payment or hoping the numbers work. You're walking into your next move with more of an advantage than you think. And that changes the math. 

What Your Equity Can Do for You

Maybe you've outgrown your current house or you're ready to downsize… The equity you've built could help bridge the gap between where you are today and where you want to be next.

Yes, your next house may cost more than your last one did. But your equity could cover a big chunk of that difference. Depending on how much you've built, it could help you:

  • Lower your monthly payment on your next home. The bigger your down payment on your next place, the less you have to borrow. And with today's rates, borrowing less can make a big difference in what you pay every month. 

  • Buy your next house with all cash. This surprises a lot of people, but some homeowners have built enough equity to buy their next home outright, in cash. According to the National Association of Realtors, more than one-quarter (26%) of repeat buyers paid all cash for their home in July. 

  • Transform the home you already have. Love your neighborhood but not your floor plan? You don’t have to move. Your equity could help fund renovations that make your home fit your life today while potentially adding value for tomorrow.

Your equity doesn't erase the challenges of the current market. But it does mean you're walking into your next move with a lot more power and flexibility than you think.

That’s why the value of your home isn't something you should have to wonder about. 

If you're even thinking about a move – or if you're just curious what your options might be – the smartest thing you can do is get a Professional Equity Assessment. It’ll give you a real, market-based evaluation of what your house is really worth right now and how much equity you’re working with.

Because once you see the number, maybe it’s not about whether you can afford to move – it's about what kind of move makes sense for you.

Bottom Line

If it's been a while since you've gotten a professional look at your home's value, let's change that. 

Reach out for a free, personalized Home Equity Assessment that estimates what your house could sell for, how much equity you've likely built, and what that could mean for your next move.


Tammy DeWolfe

Tammy DeWolfe, a dedicated and accomplished real estate professional, has been making her mark in the Massachusetts area for over a decade. With roots in Perry, Iowa, Tammy's journey began in retail management, where she honed her skills in customer service and leadership working for renowned companies such as Timberland and J-Crew. Her extensive travels across the East eventually led her to Massachusetts, setting the stage for her illustrious career in real estate.

Tammy's real estate journey commenced under the mentorship of her father-in-law, Dick DeWolfe, at The DeWolfe Company - once the largest residential real estate firm in New England. Even after the company's transition to Coldwell Banker, Tammy's dedication to excellence remained unwavering. Throughout her tenure with both firms, she amassed an impressive sales record, earning numerous Top Producer Club certificates and other prestigious accolades.

Now with Sotheby’s for over ten years, Tammy continues to distinguish herself through continuous professional development, ensuring she remains at the forefront of industry trends and practices. Her certifications as an Inventory Specialist, Referral Specialist, Affinity Specialist, and Certified Negotiation Specialist testify to her commitment to providing unparalleled service to her clients.

Tammy's involvement extends beyond the realm of real estate; she is deeply committed to her community and professional organizations. She serves on the Community Service Board and is an active member of the National Association of Realtors and the Women’s Council for Realtors, where she holds the position of secretary. Her philanthropic efforts include contributions to Habitat for Humanity, the National MS Society, and Big Brother Big Sister, underscoring her dedication to making a difference in the lives of others.

Above all, Tammy is a devoted mother and wife, embodying the values of honesty, integrity, and fairness in both her personal and professional life. Her engaging personality, professionalism, and consistent results have solidified her reputation as one of the top real estate agents in the market. Whether you are buying or selling, Tammy DeWolfe's expertise and commitment to excellence ensure a smooth and successful real estate experience.

https://www.thedewolfegroup.com
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