When was the last time you really looked at how much equity you have in your home?

I talk with homeowners who know what they paid for their house and have a general idea of what homes around them are selling for, but they don’t necessarily know what their own home may be worth today—or how much equity they’ve built.

And knowing that number doesn’t mean you need to sell.

It simply gives you information.

That information may be more important than you realize if you’ve owned your home for several years and have been wondering what your options might be.

What Is Home Equity?

Home equity is essentially the difference between what your home is worth and what you still owe on it.

For example, if your home is worth $700,000 and your remaining mortgage balance is $300,000, you would have approximately $400,000 in equity before accounting for selling costs or other liens.

Equity can grow as you pay down your mortgage and as the value of your home increases.

According to Cotality data cited by Keeping Current Matters, the typical U.S. homeowner with a mortgage now has approximately $310,500 in equity. That’s a national figure, so it doesn’t tell us what an individual homeowner in Stanwood, Camano Island or anywhere else in Northwest Washington has—but it does show why understanding your own number can be worthwhile.

Your Equity May Give You Options You Haven’t Considered

This is the part I think is most useful.

Sometimes homeowners assume that because home prices and mortgage rates are higher than they were several years ago, moving isn’t realistic.

Those are absolutely factors worth considering. But they’re not the only numbers that matter.

If you’ve built substantial equity in your current home, that equity may change what another purchase could look like.

For some homeowners, proceeds from a sale could provide a larger down payment on their next home, reducing how much they need to finance.

Some homeowners have enough equity that purchasing their next property with cash may even be possible. According to National Association of Realtors data cited by Keeping Current Matters, 26% of repeat buyers paid cash for their home in July.

But moving isn’t the only possibility.

Maybe you love where you live.

Perhaps you’d rather remodel, create a space that works better for the next stage of your life, or simply stay exactly where you are.

Knowing your equity doesn’t make that decision for you.

It gives you another piece of information to consider.

A Home Value Estimate Is a Starting Point

There are plenty of websites that will give you an automated estimate of your home’s value.

I use technology in my business too, including Homebot, which allows homeowners to keep an eye on their estimated home value and equity over time.

But an automated estimate and a professional market analysis serve different purposes.

When I’m determining what I believe a home could actually sell for, I manually look at comparable properties and the individual characteristics of the home.

That’s particularly important in areas like Stanwood and Camano Island, where two homes with similar square footage may be very different properties.

Acreage, usable land, shops, barns, ADUs, wells, septic systems, views, waterfront, condition, updates and location can all matter.

A computer doesn’t walk through your property.

So if you’re simply keeping an eye on your equity, an automated tool can be useful.

If you’re seriously considering selling, I would want to take a much closer look.

Knowing Your Equity Doesn’t Mean It’s Time to Sell

This is important to me because I don’t believe it’s always a great time to sell.

It isn’t.

Whether selling makes sense depends on much more than how much equity you have.

What are you trying to accomplish? Where would you go next? What would that home cost? What would financing look like? Do you even want to move?

Maybe knowing your equity opens up an option you hadn’t considered.

Or maybe after looking at all of the information, you decide staying exactly where you are makes the most sense.

Either way, having accurate information is valuable.

My role isn’t to tell a homeowner they should sell because they have equity. I provide information about their property and the current market, answer their questions and explain their options so they have what they need to make the best decision for themselves.

Curious How Much Equity You May Have?

If you aren’t thinking about selling but would simply like to keep an eye on your home’s estimated value and equity:

See your estimated home value and equity with Homebot.

If you’re considering a move and would like a more detailed look at what your particular home may be worth in today’s market, I’m happy to take a look at the property, answer your questions and provide you with the information I have.

Contact me to start the conversation.

About Tricia Jacobs

Tricia Jacobs is a Managing Broker and REALTOR® with RE/MAX Gateway, serving buyers and sellers throughout Snohomish, Skagit, Island and Whatcom Counties.

Originally licensed in 1992, Tricia has decades of experience in real estate and has called Stanwood home since 2001. Her experience includes residential homes, acreage and country properties, equestrian properties, waterfront and water-view homes, ADUs and multigenerational properties, investment properties and land.

Tricia believes good real estate advice starts with understanding the person sitting across the table from her. For sellers, that means learning why they are considering a move, what they hope to accomplish and what their timeline looks like before providing information about their property and the current market.

She doesn’t believe it’s always a great time to sell—because it isn’t. Her role is to provide accurate information, answer questions and explain the options available so her clients have what they need to make the best decision for themselves.

When a client does decide to sell, Tricia takes a hands-on approach to preparing and marketing the property. She helps sellers determine what is worth addressing before going on the market—and what isn’t worth spending money on—then builds the pricing and marketing strategy around the individual property.

For buyers, Tricia provides experienced guidance from the initial search through inspections, negotiations and closing. Her background is particularly helpful with the additional considerations that can come with acreage, wells, septic systems, equestrian properties, waterfront and other unique properties common throughout Northwest Washington.

Tricia was honored to be voted Best Real Estate Agent in Stanwood & Camano Island in both 2025 and 2026 and serves as President of the Stanwood Commerce Alliance, Stanwood’s Chamber of Commerce.

Outside of real estate, you’ll usually find Tricia spending time with her family, horses and dogs and enjoying the Northwest Washington lifestyle she helps her clients call home.

Tricia Jacobs | Managing Broker / REALTOR®
RE/MAX Gateway
360-223-1100
triciajacobs@remax.net
triciajacobsrealtor.com

Market data sources: Keeping Current Matters, Cotality and National Association of Realtors.