• Menu
    805-419-0781
    mary@addingtonrealtygroup.com
  • Please Setup your Menus

Addington Realty Group | eXp RealtyAddington Realty Group | eXp Realty

Bringing You Home, Throughout California and Arizona

  • Home
  • Buyers
    • Featured Homes
    • 8 Steps to Buying
    • All About Location
    • Home Buying Tips
  • Sellers
    • 8 Steps to Selling
    • Good Seller’s Etiquette
    • Sell and Make a Profit
    • Staging Tips
  • Communities
    • Oxnard / Port Hueneme
    • Simi Valley / Moorpark
    • Temecula
    • Murrieta
    • Wildomar
    • Newbury Park / Thousand Oaks
    • Oak View / Ventura
    • Camarillo
  • About Us
    • Client Testimonials
    • Submit a Testimonial
  • Blog
  • Featured Homes

The Surprising Amount of Home Equity You’ve Gained over the Years in Simi Valley, California

The Surprising Amount of Home Equity You’ve Gained over the Years

There are a number of reasons you may be thinking about selling your house. And as you weigh your options, you may find you’re unsure how you’re going to deal with one thing about today’s housing market – and that’s affordability. If that’s your biggest concern, understanding how much equity you have in your house could help make your decision that much easier. Here are two key factors that have a big impact on your equity.

How Long You’ve Been in Your Home

First up is homeowner tenure. That’s how long homeowners live in a house, on average, before selling or choosing to move. From 1985 to 2009, the average length of time homeowners stayed put was roughly six years.

But according to the National Association of Realtors (NAR), that number has been climbing. Now, the average tenure is 10 years (see graph below):

No Caption ReceivedHere’s why that’s such a big deal. You gain equity as you pay down your home loan and as home prices climb. And when you combine all of your mortgage payments with how much prices have gone up over the span of 10 years, that adds up. So, if you’ve lived in your house for a while now, you may be sitting on a pile of equity.

How Home Prices Appreciate over Time

To help show how much the price appreciation piece adds up, take a look at this data from the Federal Housing Finance Agency (FHFA) (see graph below):

No Caption ReceivedHere’s what this means for you. While home prices vary by area, the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it more than triple in value in that time.

Whether you’re looking to downsize, relocate to a dream destination, or move so you can live closer to friends or loved ones, your equity can be a game changer.

Bottom Line

If you want to find out how much equity you’ve built up over the years and how you can use it to buy your next home, let’s connect.

Posted in: Seller Tips Tagged: Addington Realty Group, Arizona, Best Time to Sell, Build Equity, Buy a Home, buying myths, California, Camarillo, Downsizing, equity homeowner, Equity Rich, First Time Home Buyers, For Sellers, Good Time to Sell, Great Time to Sell, Hedge Against Inflation, Home Affordability, Home Equity, home prices, home selling, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Leverage Your Equity, Low Inventory, market trends, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Real Estate, Real Estate Agent, Real Estate Broker, Real Estate Expert, Real Estate Market, Realtor, reasons to sell, Rent vs Buy, Right Price, Right Time To Sell, Scottsdale, Sell Your House, Sellers Market, Selling Myths, Selling Point, Selling Potential, Selling Tips, Selling Your House, Simi Valley, Sweet Spot for Sellers, Things Realtors See, Thousand Oaks, Trusted Realtor, Ventura, Wealth Building

Post navigation

« Could a 55+ Community in Scottsdale, Arizona Be Right for You?
How the Federal Reserve’s Next Move Could Impact the Housing Market in Oxnard, California »

Resources

  • Sellers
  • Buyers
  • Blog

Featured Communities

  • Temecula
  • Murrieta
  • Wildomar
  • Newbury Park / Thousand Oaks
  • Oak View / Ventura
  • Camarillo
  • Oxnard / Port Hueneme
  • Simi Valley / Moorpark

Search Tools

 

Serving Southern California & Arizona
Mary Tan Addington CA DRE: 01918535|AZ DRE: BR700334000
Raymond Addington CA DRE: 01976687|AZ DRE: SA700523000
EXP Realty is an Equal Opportunity Employer and supports the Fair Housing Act

Addington Realty Group
Serving California & Arizona

805-419-0781