If you're considering selling your home in Brookings, SD, you're not alone. Whether it’s the idea of downsizing, relocating, or moving closer to loved ones, there are plenty of reasons to make a change. But when it comes to selling a home in today’s housing market, you might be wondering about one critical factor: affordability. Here’s the good news—your home equity could play a significant role in making that decision easier. Let’s explore two key elements that influence how much equity you have and what that could mean for you.
How Long You’ve Lived in Your Home
One of the most important factors when it comes to home equity is how long you’ve lived in your current home. This is referred to as homeowner tenure. Back in the day—between 1985 and 2009—homeowners stayed in their homes for an average of about six years. But times have changed. According to the National Association of Realtors (NAR), the average homeowner now stays put for about 10 years.
So, why does this matter? Well, as you pay down your mortgage over time, and as home prices in Brookings, SD appreciate, your equity grows. The longer you’ve stayed in your home, the more you’ve likely paid off—and the more value your home has gained. In simple terms, if you’ve been in your home for a while, you may be sitting on more home equity than you think!
Home Price Appreciation Over Time
The second key factor is how much home prices have appreciated over the years. To give you some perspective, data from the Federal Housing Finance Agency (FHFA) shows that home prices have seen significant growth over time.
For example, if you’ve owned your home in Brookings for five years, its value may have increased by as much as 60%! And if you’ve been a homeowner for 30 years, your home could be worth more than three times what you originally paid for it. That’s some serious appreciation.
What does this mean for you? Whether you're thinking about upgrading, moving to your dream destination, or getting closer to family and friends, the equity you've built up can be a powerful tool to help you afford your next move.
Why Now Is a Great Time to Sell in Brookings
The Brookings real estate market has seen solid growth, making now an excellent time to consider selling your home. With low inventory and steady demand, homes are moving quickly, and prices remain competitive. If you’ve been on the fence, this could be the perfect opportunity to leverage your home’s equity and maximize your return.
Bottom Line
Your home’s equity could be the key to unlocking your next move. If you’re curious about how much equity you’ve built up over the years and how you can use it toward your next home in Brookings, SD or the surrounding area, let's connect. At Brookings Home Team, we can help you explore your options and make the most informed decision for your future. Give Shane Andersen a call today, and let’s talk about how to turn your home equity into your next opportunity!
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