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For Sellers

What’s Your House Worth Now? The Answer May Surprise You

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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 Think

Here 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):

a map of the united statesAnd 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):

a graph of blue bars with orange textThat’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 Line

Chances 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.

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Economy

History Shows the Housing Market Always Recovers

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Now that the market is slowing down, homeowners who haven’t sold at the price they were hoping for are increasingly pulling their homes off the market. According to the latest data from Realtor.com, the number of homeowners taking their homes off the market is up 38% since the start of this year and 48% since the same time last June. For every 100 new listings in June, about 21 homes were taken off the market.

And if you’ve made that same choice, you’re probably frustrated things didn’t go the way you wanted. It’s hard when you feel like the market isn’t working with you. But while slowdowns can be painful in the moment, history tells us they don’t last forever.

History Repeats Itself: Proof from the Past

This isn’t the first time the housing market has experienced a slowdown. Here are some other notable times when home sales dropped significantly:

  • 1980s: When mortgage rates climbed past 18%, buyers stopped cold. Sales crawled for years. But as soon as rates came down, sales surged back, and the market found its footing again.
  • 2008: The Great Financial Crisis was one of the toughest housing downturns in history. Sales and prices both dropped hard. Still, sales rebounded once the economy recovered.
  • 2020: During COVID, sales disappeared overnight, and many people had to put their plans on hold. Yet the recovery was faster than anyone expected, with a surge of buyers re-entering the market as soon as restrictions eased.

The lesson is clear: no matter the cause, the market always rebounds.

Today’s Situation: Where We Stand Now

Over the past few years, home sales have been sluggish. And one big reason why is affordability. Mortgage rates rose at a record-breaking pace in 2022, and home prices were climbing at the same time. That combination put buying out of reach for many people. And when demand slows, home sales do too.

The Outlook: Why Things Will Improve

But here’s the encouraging part. Forecasts show sales are expected to pick up again moving into 2026.

Last year, just about 4 million homes sold (shown in gray in the graph below). And this year is looking very similar (shown in blue). But the average of the latest forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) show the experts believe there will be around 4.6 million home sales in 2026 (shown in green).

And a big reason behind that projection is the expectation that mortgage rates will come down a bit, making it easier for more buyers to jump back in.

a graph of salesThat means what’s happening now is part of a cycle we’ve seen before. Every slowdown in the past has eventually given way to more activity, and this one will too.

Just like the 1980s, 2008, and 2020, today’s dip in home sales is temporary.

What That Means for You

If you’ve paused your moving plans, you did what you thought was right. Your frustration is valid. But it’s also important to remember the bigger picture. Housing slowdowns don’t last forever.

That’s where your local real estate agent comes in. Their job is to keep a close eye on the market for you. When the first signs of a rebound appear, they’ll help you spot the shift early so you can relist with confidence.

Bottom Line

If today’s housing market feels stuck, remember it’s never stayed down for good. Slowdowns end, activity returns, and people get moving again. So, connect with a local real estate agent, because when the next wave of buyers shows up, you won’t want to miss it.

As activity picks up again, will you be ready to put your house back on the market, or do you need to move sooner?

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For Sellers

More Contracts Are Falling Through. Here’s How To Get Ahead.

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When you sell a house, the last thing you want is for the deal to fall apart right before closing. But according to the latest data from Redfin, that’s happening a bit more often lately. The good news is, it’s completely avoidable if you lean on an agent for insight into why that is and how to avoid it happening to you.

This June, 15% of pending home sales fell through. That means those buyers backed out of their contracts. That’s not too much higher than the norm of roughly 12% from 2017-2019, but it’s still an increase. And it’s one you don’t want to have to deal with. 

The key to avoiding this headache is knowing what’s causing the issues that lead to a buyer walking away. A recent survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) finds that agents reported the #1 reason deals are falling apart today is stemming from the home inspection (see graph below):

a graph of a number of individualsHere’s why. With high prices and mortgage rates stretching buyers’ budgets, they don’t have a lot of room (or appetite) for unexpected repairs.

Not to mention, buyers have more options to choose from now that there are more homes on the market. So, if the inspection turns up a major issue, they may opt to walk away. Afterall, there are plenty of other homes they could buy instead.

Or, if the seller isn’t willing to tackle repairs, a buyer may back out because they don’t want the expense (and the hassle) of dealing with those issues themselves.

The good news is, there’s a way you can get ahead of any unpleasant surprises as a seller, and that’s getting a pre-listing inspection. It’s not required, but the National Association of Realtors (NAR) explains why it’s helpful right now:

“To keep deals from unraveling . . . it allows a seller the opportunity to address any repairs before the For Sale sign even goes up. It also can help avoid surprises like a costly plumbing problem, a failing roof or an outdated electrical panel that could cause financially stretched buyers to bolt before closing.”

What’s a Pre-Listing Inspection?

It’s exactly what it sounds like: a professional home inspection you schedule before your home hits the market. Here’s what it can do for you:

  • Give you time to fix what matters. You’ll know what issues could come up in the buyer’s inspection. So, you’ll have time to take care of them before anyone even walks through the door.
  • Avoid last-minute renegotiations. When buyers uncover unexpected issues after you’re under contract, it opens the door for concessions you may have to make like price drops or repairs, or worse, a canceled deal. A pre-listing inspection helps you stay ahead of those things before they become deal breakers.
  • Show buyers you’re serious. When your home is clean, well-maintained, and already vetted, buyers see that. It builds trust and can help you sell faster with fewer back-and-forth negotiations.

The bottom line? A few hundred dollars upfront can save you thousands later.

Should Every Seller Do This?

Not necessarily. Your real estate agent can help you decide what makes the most sense for your situation, your house, and your market. If you decide to move forward with a pre-listing inspection, your agent will guide you every step of the way. They’ll:

  • Advise on whether to fix or disclose each issue
  • Help you prioritize repairs based on what buyers in your area care about
  • Make sure you understand your local disclosure laws

Bottom Line

If you want to avoid potential snags in your deal, a pre-listing inspection could be the way to go. Connect with an agent to go over whether a pre-listing inspection is the right move for your house and market. 

Would you rather find out about a major repair now, when you can handle it on your terms – or after you’re under contract, when the clock is ticking?

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For Sellers

What You Need To Know About Concessions

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Now that there are more homes for sale, buyers have more options. And sellers need to be more flexible to close the deal. 

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Copyright © 2020-2025 Mark Sincavage. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.