Want to know something important you probably don’t have a professional check for you nearly as often as you should? Spoiler alert: it’s the value of your home.
Because here’s the reality. For homeowners in Redlands and the Inland Empire, your house is likely the biggest financial asset you have. And if you’ve lived in it for a few years or more, chances are it’s been quietly building wealth for you in the background – even if you haven’t been keeping tabs on it.
You might be surprised by just how much it’s grown, even as the real estate market in Redlands, Yucaipa, Highland, Loma Linda, and San Bernardino has shifted over the past few months.
What Is Home Equity?
That hidden wealth in your home is called equity. It’s the difference between what your house is worth today and what you still owe on your mortgage. Your equity grows over time as home values rise and as you make your monthly payments.
For example, let’s say your home in Redlands is worth $500,000, and you have $200,000 left to pay off on your loan. That means you have $300,000 in equity. And that’s right in line with what the typical homeowner has right now.
According to Cotality, the average homeowner with a mortgage has about $302,000 in equity.
Why You Probably Have More Than You Think
Here are the two main reasons homeowners in the Inland Empire have near record amounts of equity right now:
1. Significant Home Price Growth
According to the Federal Housing Finance Agency (FHFA), home prices have jumped by nearly 54% nationwide over the last five years.
Locally, home values in Redlands and nearby communities have also seen major appreciation, meaning your property is most likely worth much more today than when you bought it.
And if you’re worried because you’ve heard prices are flattening or even coming down in some markets, just know if you’ve been in your house for a few years (or more) you very likely have enough equity to sell and still come out ahead.
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.
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. Because the financial side of homeownership is about playing the long game, not worrying about little ups and downs in the market here and there. And over time, that means you’re winning.
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?
Your equity isn’t just a number. It’s a tool you can use to unlock your next big move. Depending on your goals, you could:
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Move up into your dream home in Redlands or Yucaipa. Your equity could help cover the down payment on your next home. In some cases, it might even mean you can buy your next house in all cash.
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Renovate your current home in Highland, Loma Linda, or San Bernardino. With the right upgrades, not only will your home fit your lifestyle better, but you may also increase its resale value.
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Invest in your future. Some homeowners tap into equity to fund education, launch a business, or diversify investments – creating even more financial stability.
Bottom Line
If you own a home in Redlands or the surrounding Inland Empire, chances are, it’s worth more than you think. Your equity may give you opportunities you didn’t realize you had – whether that’s selling, moving up, or reinvesting in your future.
Curious about how much your Redlands home is worth? Let’s connect. I’ll provide you with a professional equity assessment report and local market insights, so you know exactly where you stand.
📲 Call or text me today!
Cristina Caministeanu | eXp Luxury 3X Icon
📞 909.213.8565
