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Monday, August 5th, 2024 | For Sellers, Equity, Selling Tips
Thinking about selling your home? The first step in determining what you can afford for your next move is understanding how much equity you have. With home prices rising significantly over the past few years, many homeowners are surprised to find they have more equity than they might realize.
Here’s a closer look at what you need to know if you’re ready to capitalize on your investment and apply your equity toward your next home.
Home Equity: What Is It and How Much Do You Have?
Home equity is the difference between your home’s current value and the remaining balance on your mortgage. For example, if your home is valued at $400,000 and you owe $200,000 on your mortgage, your equity is $200,000.
Recent data from the Census and ATTOM reveals that many Americans are sitting on significant equity. In fact, more than two out of three homeowners either own their homes outright or have at least 50% equity.
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With the current real estate market, more homeowners are seeing a substantial return on their homeownership investments when they sell. If you find yourself in this position, your equity can be a powerful tool to facilitate your next move.
What You Should Do Next
If selling your house is on your mind, understanding your equity—and what it means for your sale and potential earnings—is crucial. The best approach is to collaborate with your real estate agent and consult with a tax professional or financial advisor. Together, these experts can provide a comprehensive view of your situation and help you navigate the next steps confidently.
Bottom Line
Rising home prices have likely increased your equity. Let’s connect to determine how much equity you have and how you can use it to move forward with your selling plans. Reach out today, and let’s turn your home equity into your next big opportunity.
