Leverage your equity for your benefit!
Did you know that as a homeowner, even though home prices have moderated over the last year, many of you still have an impressive amount of equity? But what is equity exactly? Simply put, it is the difference between the market value of your home and the amount you owe on your mortgage. Over time, your equity grows thanks to price appreciation and mortgage payments, as explained by the National Association of Realtors (NAR). Let's make sure you know exactly what your home is worth, and how your equity is growing.
How Your Equity Can Help You Achieve Your Goals
Did you know that the equity you have built up over time can benefit you when you decide to sell your current home? Maybe you need more space or a smaller home - whatever the case may be, your equity can be a powerful tool in helping you make your next move. In fact, it may even cover your down payment! You might be surprised by how much equity you have - a recent survey by Realtor.com reveals that many homeowners estimate a significant amount. Do not miss out on the advantages of your hard work - tap into your equity and make your next move with confidence.
Recent CoreLogic data confirms that homeowners can feel confident about the equity they have built up over time. Despite localized home price fluctuations in late 2022, the average American homeowner still possesses approximately $270,000 in equity - an increase of nearly $90,000 since the beginning of the pandemic. According to CoreLogic's Chief Economist, Selma Hepp, this uptick is a positive sign for homeowners who can capitalize on this opportunity now.
Bottom Line
As a homeowner, you might be pleasantly surprised to learn that you have a considerable amount of equity at your disposal. By seeking the guidance of a real estate agent, you can precisely calculate your equity and unlock its potential to aid in the purchase of your next dream home.
