What Every Homeowner Should Know About Their Equity
Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.
Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.
Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.
Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below):
Today, more homeowners are getting a larger return on their homeownership investments when they sell. And if you have that much equity, it can be a powerful force to fuel your next move.
If you’re thinking about selling your house, it’s important to know how much equity you have, as well as what that means for your home sale and your potential earnings. The best way to get a clear picture is to work with your agent, while also talking to a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward.
Home prices have gone up, which means your equity probably has too. Let’s connect so you can find out how much you have in your home and move forward confidently when you sell.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Home Run Team, Ltd. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Home Run Team, Ltd. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Mortgage rates have been volatile recently, but there is ways that you can control it. Here's how.
You can control your credit score, loan type, and loan term. That way, you can get the best rate possible in today’s market.
Spring time is the best time of the year for sellers. So, don't waste anytime - list your house ASAP.
If you're a seller, there's a lot of things you need to focus on, but one thing must be right to be successful: the asking price.
In the past, spring has been the best time to sell. And it isn't any different this year.
The best time to get serious about buying is before you’re ready to buy. Here’s why.
Before you hit pause on your plans to buy or sell a home, take a deep breath. The truth is: the housing market isn’t crashing. It's actually shifting in your favor.
When buying a home, you should look to get any advantage you can. Here's how a tax refund can help.
If you’re getting a tax refund this year, you can use it to your advantage. Here's how.
We're here to help people live wealthier lives and enjoy more freedom by educating and guiding them through their lifelong real estate journey. Whether you're buying a home, looking to sell or relocate, or are an investor, we can help you. No agents will work harder for you, because to us, going to bat for you, isn't work. That's just what you do when you're a team.