Your Home’s Equity May Be Higher Than You Think
For many Vineyard homeowners, your property is your largest financial asset. And if you’ve lived in it for several years, there’s a good chance it has quietly built up a significant amount of equity—even if you haven’t been tracking it closely.
That equity—the difference between your home’s market value and what you owe on your mortgage—represents real wealth. With limited inventory on Martha’s Vineyard and a strong history of rising home values, your property may be worth more than you realize.
But here’s a word of caution: online estimates like Zillow’s “Zestimate” can often miss the mark. Zillow itself reports that for homes not currently on the market, the typical error rate is about 7%—and for unique properties like those on the Vineyard, the gap can be even greater. That means your home could be worth considerably more (or less) than what you see online. The best way to know is with a professional equity assessment.
What Is Equity?
Equity is straightforward:
Home Value Today – Outstanding Mortgage Balance = Your Equity
For example, if your Vineyard home is worth $1.6 million and you owe $600,000, you have roughly $1 million in equity (before selling costs). That’s wealth you’ve built simply by owning your home, paying your mortgage, and benefitting from market appreciation.
Why Vineyard Homeowners Often Have More Equity
Two key reasons explain why many homeowners here are sitting on record amounts of equity:
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Appreciation Over Time
Nationally, home prices have climbed more than 50% in the last five years, according to the Federal Housing Finance Agency. On the Vineyard, where supply is historically constrained and demand remains steady, that growth is even more pronounced. -
Longer Homeownership Tenure
The National Association of Realtors reports the typical U.S. homeowner now stays in their home for about 10 years. That means steady principal paydown plus long-term appreciation—an equation that has worked in favor of many Vineyard families.
What Can You Do with Your Equity?
Equity isn’t just a number—it’s a tool you can put to work. In fact, The O’Hanlon Group created this video with practical ideas for leveraging your home’s equity. Some options include:
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Buying your next home – Equity can be used toward a down payment, or even to purchase your next property in all cash.
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Renovating or improving your current home – Updates can enhance your lifestyle and potentially increase resale value.
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Investing in opportunities or reducing debt – Some homeowners use equity to fund other ventures or consolidate higher-interest debt. If Vineyard prices are too high, think about buying and investment property in a less expensive resort market.
Thinking Beyond the Vineyard
If you’re curious about the value of a home you own off-Island, we can help there too. The O’Hanlon Group is part of Compass, with trusted colleagues across the country. We can connect you with an agent in your area who shares our serve, don’t sell approach. That means no pressure to list—just a clear, professional look at what your home is worth in today’s market.
Bottom Line
Your property has likely built more equity than you realize. Understanding what it’s worth empowers you to plan your next move—whether that’s renovating, refinancing, selling, or simply knowing your financial position.
📩 Curious about your home’s current value? Reach out to The O’Hanlon Group today for a complimentary equity assessment—on the Vineyard or anywhere you own property.
