Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move.
What Is Equity?
Think of equity as a simple math equation.
Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.
The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages.
That means the majority of homeowners have a game-changing amount of equity right now.
How Your Equity Can Help Fuel Your Move
• Be an all-cash buyer
• Make a larger down payment
The First Step: Determine How Much Equity You Have in Your Home
Want to find out how much equity you have? To do that, you’ll need two things:
1. The current mortgage balance on your home
2. The current value of your home
You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).
Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic - all thanks to your equity.
If you want to find out how much equity you have and talk more about how it can make your next move possible, DM me.
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