๐ก Unlock Your Home’s Equity to Fuel Your Next Move in Kansas City ๐
Many homeowners looking to sell feel stuck between a rock and a hard place right now. ๐ Today’s mortgage rates are higher than their current rate, making it harder to want to sell and move. Sound familiar?
But what if there was a way to offset these higher borrowing costs? ๐ก The solution could already exist in your current home in the form of equity!
What Is Home Equity?
Think of equity as a simple math equation. ๐งฎ Your home’s equity is the difference between your home’s value and how much you still owe on your mortgage.
Your equity grows as you pay down your loan over time and as home prices rise. ๐ Thanks to recent rapid home price appreciation, you likely have way more equity than you realize.
Using Your Equity Strategically
After selling your house, that built-up equity can help you move without stressing as much about today’s rates. As a housing economist says:
“Many home sellers are sitting on a healthy equity cushion…they can use sale proceeds to offset borrowing needed for their next purchase.” ๐ฐ
Here are some ways to leverage your equity:
๐ธ Be an all-cash buyer (no loan needed!)
๐ฐ Make a larger down payment
๐ต Borrow less at current rates
Determine Your Equity Amount
Want to find out how much equity you have? You’ll need:
- Your current mortgage balance
- Your home’s current market value
Get a free equity assessment report from the Dowell Family Team to run the numbers. ๐ You may be surprised at how much equity you’ve accumulated!
Take the Next Step
If tapping into your home equity could make your next move possible, connect with the Dowell Family Team. ๐ค They can guide you through using this valuable asset strategically in today’s market.
The equity in your current home may just be the key ๐ to unlocking your dream home! Reach out today to get started.
Written by the Dowell Family Team of ReeceNichols Real Estate.
