Homeowners across the country have built up significant equity in their homes, which can be a valuable asset when it comes to achieving your goals. Whether you’re looking to upsize or downsize, your equity can provide the financial leverage you need in today’s market. So, what exactly is equity? It’s the difference between your home’s market value and the amount you owe on your mortgage.
According to the National Association of Realtors (NAR), equity grows over time through a combination of price appreciation and mortgage payments. And you might be pleasantly surprised by how much equity you’ve accumulated. A recent survey from Realtor.com revealed that many homeowners estimate having a substantial amount of equity.
The latest data from CoreLogic further supports this optimism. Despite some regional home price declines in late 2022, U.S. homeowners, on average, still possess approximately $270,000 in equity – almost $90,000 more than at the start of the pandemic, according to Selma Hepp, Chief Economist for CoreLogic.
If you’re considering leveraging your equity to enhance your buying power, a skilled real estate agent can be an invaluable asset. They can provide you with an accurate estimate of your home’s value, allowing you to calculate your equity and determine your potential net proceeds. This knowledge enables you to apply those funds towards the down payment and closing costs of your new home.
Having a solid understanding of your equity is crucial when making decisions about buying or selling a home. A trusted agent can guide you through the complex process of selling your house and ensure a smooth transaction.
In conclusion, many homeowners are currently in possession of substantial equity. Let’s connect and estimate how much equity you have, enabling us to devise a plan to utilize it effectively in the purchase of your next home.
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