I want to talk to existing homeowners for a minute because I think a lot of people do not fully appreciate the equity position they are sitting in right now. If you bought a home in the Philadelphia suburbs anytime between 2017 and 2022, the numbers are worth looking at closely.

Home prices in the Philadelphia area have appreciated significantly over the past five years. Nationally, average prices are up about 30% since early 2020 according to the S&P CoreLogic Case-Shiller Home Price Index. Our suburban Philadelphia market has largely tracked or exceeded that national trend in many areas. That means a homeowner who bought a $400,000 home in Chester County in 2020 could be looking at a home worth somewhere in the $500,000 to $550,000 range today, with the equity that comes with that appreciation on top of five years of mortgage payments.

For some homeowners this equity is the key that unlocks their next move. Maybe you bought a starter home and your family has grown. Maybe you want to upsize, relocate to a different township for schools, or finally get into that Lancaster County farmette you have been dreaming about. The equity you have built can be the down payment that makes that next move possible.

Home equity also opens options like home equity lines of credit, which some homeowners are using strategically to fund renovations that add value before a sale, consolidate higher-interest debt, or bridge a gap between selling and buying. If your rate is already in the 6% range these tools need to be evaluated carefully, but for homeowners who still have those pandemic-era low rates they can be a smart way to access equity without touching your mortgage.

The longer-term picture is also genuinely encouraging for homeowners who plan to stay put. Moody’s Analytics projects the Philadelphia area to see 29% home price growth by 2035. Equity that is already substantial is projected to keep building.

If you have been in your home for a few years and have not sat down to actually look at what your home is worth and what your equity position looks like, that conversation is worth having. I am happy to pull current market data for your home, no strings attached, so you can see exactly where you stand.