Unlocking Equity: A Key Factor for Selling Your Home in Westlake Village, Thousand Oaks, and The Conejo Valley

There are several reasons you might be thinking about selling your home in Westlake Village, Thousand Oaks, or The Conejo Valley. As you explore your options, you may be wondering how to address one key aspect of today’s housing market: affordability. If that’s your primary concern, understanding the equity you’ve built in your home can help make your decision clearer. Let’s take a look at two crucial factors that influence your home’s equity.

Homeowner Tenure

The first factor is how long you’ve been in your home. Homeowner tenure refers to the average length of time people remain in their homes before deciding to sell or move. Between 1985 and 2009, homeowners typically stayed in their homes for around six years.

However, recent data from the National Association of Realtors (NAR) reveals that the average tenure has increased. Today, the average homeowner remains in their home for approximately 10 years.

This extended tenure directly impacts your home equity, which could be a powerful tool as you navigate your selling decision.

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

Here’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): 

Here’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.

Thinking about selling your home in Westlake Village, Thousand Oaks, or the Conejo Valley? Now is the time to leverage the equity you’ve built. With market conditions in your favor and increased home values, you could be in a stronger position than you think. Contact us at Avant ONE Real Estate today for a personalized equity assessment and expert guidance to maximize your home’s value. Let’s turn your hard-earned equity into your next big move!