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Let’s talk about something you might not check nearly as often as your bank account – and that’s how much your home is worth. But when it comes to your financial situation, it’s an important thing to remember. When’s the last time you had a professional show you the value of your home?Think about it. For most people, your house is probably the biggest asset you have. And if you’ve owned your home for a few years (or longer), chances are it’s been quietly building wealth for you in the background. And honestly? You might be surprised by just how much. What Is Home Equity?This wealth you may not even realize you have comes in the form of home equity. Home equity is the difference between what your house is worth and what you still owe on your mortgage. It grows over time as home values rise and as you pay down your mortgage each month. Here’s an example to help you really understand how this works.Let’s say your house is now worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000 in equity. And most homeowners are sitting on some pretty significant equity right now.According to Cotality (formerly CoreLogic), the average homeowner with a mortgage has about $311,000 in equity.Why You Probably Have More Than You ThinkHere are the two main reasons homeowners like you have record amounts of equity right now:1. Significant Home Price Growth. According to the Federal Housing Finance Agency (FHFA), home prices have jumped by more than 57% nationwide over the last five years (see map below):And if you purchased your home a few years ago (or more), this means your house is likely worth much more now than when you first bought it, thanks to how much prices have climbed lately.2. People Are Living in Their Homes Longer. Data from the National Association of Realtors (NAR), shows the average homeowner stays in their home for about 10 years now (see graph below):That’s longer than it used to be. And over that decade? You’ve built equity just by making your mortgage payments and riding the wave of rising home values.So, if you’re one of those people who’s been in their home for that long, here’s how much the behind-the-scenes price growth has helped you out. According to NAR:“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”What Could You Actually Do with That Equity?Remember, your house might be your biggest financial asset – and, if you’re smart about how you leverage your equity, it could open up some exciting opportunities for your future.Use it to help buy your next home. Your equity could help you cover the down payment on your next home. In some cases, it might even mean you can buy your next house in all cash.Renovate your current house to better suit your life now. And, if you’re strategic about your projects, they could add even more value to your home if you do sell later on.Start the business you’ve always dreamed of. Your equity could be exactly what you need for startup costs, equipment, or marketing. And that could help increase your earning potential, so you’re getting yet another financial boost.Bottom LineChances are, your house is worth a lot more than you realize. Whether you’re thinking about selling, upgrading, or simply want to understand your options, your equity isn’t just a number. It’s a tool.If you sold your house and had significant equity to work with, what would you do with it? Connect with an agent to figure out how to turn your home’s value into your next big move.

Have you seen where mortgage rates have been lately? One day they go down a little. The next day, they go back up again. It can feel confusing and even frustrating if you’re trying to decide whether now’s a good time to buy a home.Take a look at the graph below. It uses data from Mortgage News Daily to show that after a relatively stable month of March, mortgage rates have been on a bit of a roller coaster ride in April: This kind of up-and-down volatility is expected when economic changes are happening.And that’s one of the reasons why trying to time the market isn’t your best move. You can’t control what happens with mortgage rates. But you’re not powerless. Even with all the economic uncertainty right now, there are things you can do. You can control your credit score, loan type, and loan term. That way, you can get the best rate possible in today’s market.Your Credit ScoreYour credit score can really affect the mortgage rate you qualify for. Even a small change in your score can make a big difference in your monthly payment. Like Bankrate says:“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”Keeping your credit score up is key when it comes to qualifying for a home loan. If you’re not sure where your score stands or how to improve it, talk to a loan officer you trust.Your Loan TypeThere are also different types of loans out there, and each one comes with unique requirements for qualified buyers. The Consumer Financial Protection Bureau (CFPB) explains:“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.”Always work with a mortgage professional to figure out which loan makes the most sense for you and your financial situation.Your Loan TermJust like there are different loan types, there are also different loan terms. Freddie Mac puts it like this:“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”Most lenders typically offer 15, 20, or 30-year conventional loans. Be sure to ask your loan officer what’s best for you.Bottom LineYou can’t control what’s happening with the economy or mortgage rates, but you can take steps that’ll help you get the best rate possible.Connect with a local real estate agent and a lender to talk about what you can do today to put yourself in a strong spot for when you’re ready to buy a home.

According to Realtor.com, the best week to list your house this year was April 13–19. And since that week has come and gone, you might be wondering: did I miss my chance? Not at all – and here’s why.That’s just one source’s take, based on their own research. Other organizations run similar studies. And since different places use different methodologies for their research, sometimes the results vary too – and that’s actually good news for you. According to Zillow, the best time to list your house is still ahead.The latest research from Zillow says sellers who list their homes in late May tend to see higher sale prices based on home sales from last year. The study explains why:“Search activity typically peaks before Memorial Day, as shoppers get serious about house hunting before their summer vacation and the new school year in the fall. By targeting late spring, sellers can get their home listed when the most shoppers are looking. When more buyers are competing for homes, sellers can command a higher price.”And they’re not the only ones saying selling in May can help homeowners net top dollar. ATTOM Data conducted a similar study by analyzing 59 million home sales over the past 13 years:“Freshly compiled sales statistics from ATTOM demonstrate that home sellers continue to reap significant benefits from listing their properties during the month of May. Examination of home sales trends spanning thirteen years reveals that, on average, sellers are commanding 11.1 percent premium above the estimated market value.”An article from Bankrate echoes this sentiment and brings this all together to show that any time in April or May is a good time:“Some patterns and trends usually do hold true throughout the year, and one is that spring continues to be the best time to sell. Sellers can net thousands of dollars more if they sell during the peak months of April and May. . .”The window to sell during prime time is very much still open, so you can make a move and potentially cash in big if you sell now.That said, the best week to list your house really depends on a few local factors, like buyer demand, how many homes are for sale nearby, and how quickly things are selling. That’s why working with an experienced agent who knows your area is key. Bottom LineSpring is the busiest time in real estate – and there’s still time to take full advantage of that momentum.What’s holding you back from making your move this spring? And what would help you feel ready? Connect with an agent to talk about it.

Some HighlightsUnfortunately, a lot of sellers today are setting their asking price too high. That’s leading to an uptick in price cuts.​Some of the most common reasons this is happening are that they’re not paying attention to current market conditions or they’re trying to leave room for negotiation.The best way to avoid this mistake? Connect with an agent to make sure your house is priced to pull people in, not push them away.