🏡 Home Prices Are Climbing — Here’s How to Make the Most of Your Equity

📈 Home Prices Continue to Climb

According to the latest Home Price Index from the Federal Housing Finance Agency (FHFA), home prices have risen 4.3% year-over-year from Q3 2023 to Q3 2024.

Nationally, home prices have increased every quarter since 2012, and an incredible 91 of the top 100 largest metro areas saw prices rise over the past year.
This consistent growth shows that housing demand remains strong while supply continues to lag behind.

 

🤔 What This Means for You

Your home equity is the difference between your home’s value and your mortgage balance:

Home Value – Mortgage Balance = Home Equity

• If you don’t own a home: Now may be the time to act. Rising prices mean that the longer you wait, the harder it may become to buy.
• If you do own a home: You may be sitting on significant equity. That equity can be put to work—whether by upgrading to a new home, paying down other debts, or investing in your future.

 

💰 How to Access Your Home Equity

If you’re a homeowner, you have three main ways to access your equity:

1. 🏠 Sell Your Home

Selling lets you use the equity you’ve built as a down payment on a new property—one that better fits your needs or lifestyle.

2. 💳 Home Equity Loan or Line of Credit

You can borrow against your equity through a home equity loan or a line of credit (HELOC). This option is often used for home renovations, debt consolidation, or funding large expenses.

3. 🔄 Cash-Out Refinance

A cash-out refinance replaces your current mortgage with a new one, often at a competitive rate, while allowing you to take cash out from the equity you’ve gained.

 

📊 Why This Matters

Home prices are expected to keep growing due to strong demand and limited housing supply. This makes now an important time to evaluate your position.

Whether you’re considering buying your first home, moving up to your dream home, or tapping into your equity, working with a trusted mortgage professional can help you make the most of today’s market.

 

✅ Key Takeaways

• Home prices climbed 4.3% year-over-year as of Q3 2024.
• Equity continues to grow for homeowners nationwide.
• Acting sooner rather than later may help you get ahead of further price increases.

 

Call to Action:
👉 Want to see how much equity you’ve gained—or how to start building it? Contact me today for a personalized review of your options.