Your Home Equity: Is it Enough to Move?
If you’ve owned your home for a few years, chances are you’ve built up some equity — and that equity might be the key to unlocking your next move.
What Is Home Equity?
Home equity is the difference between what your home is worth and what you owe on your mortgage. As home values have increased in recent years, many homeowners are sitting on more equity than they realize. According to CoreLogic’s Q4 2024 Homeowner Equity Report, the average U.S. homeowner with a mortgage had approximately $303,000 in home equity at the end of 2024 .MBA Newslink
This figure represents a slight decrease from the previous quarter, where the average equity was reported at $311,000. Despite this modest decline, homeowners continue to maintain substantial equity, providing a strong financial foundation for potential moves or other financial decisions.
Can You Use It to Move?
Absolutely. Here are a few ways homeowners are using their equity today:
-
As a down payment on a new home — Selling your current home and using the equity can significantly reduce the mortgage on your next purchase.
-
To pay off debt or improve cash flow — Equity can be used to pay down other obligations, potentially freeing up your budget for a move.
-
To make strategic renovations before listing — Sometimes, a small investment can boost your home’s value even more before you sell.
Key Questions to Ask
Before you decide to move, consider:
-
How much equity do you actually have?
A local real estate professional can provide a comparative market analysis to estimate your current home’s value. -
What are your goals for the move?
Are you looking for more space, a different location, or to downsize and reduce costs? -
Will your equity cover your next home’s down payment and moving costs?
It’s important to factor in closing costs, agent commissions, and moving expenses.
The Bottom Line
Your home equity could be your biggest asset — and understanding how to use it is the first step toward achieving your next real estate goal. If you’re curious about your equity, let’s run the numbers together. Whether you’re dreaming of more space, less maintenance, or a whole new view, I’ll help you explore your options.
Contact Amie Quirarte with The Q Group