Hey there! So you’re on the fence about selling your home? I get it, the whole affordability thing has been a bit of a wild ride lately. But here’s the deal – your home equity could be the key to making this decision a whole lot easier.
A Refresher Course in Equity
Basically, home equity is the difference between what your place is worth and how much you still owe on your mortgage. It’s like the paid-off portion of your home. As you keep chipping away at that mortgage and your home’s value goes up, your equity grows too.
Now, here’s the kicker – with home prices going absolutely bonkers in the past few years, your equity has probably grown way more than you think. Seriously, you might be sitting on a goldmine without even realizing it.
Equity Power
If you’re thinking about making a move, that equity you’ve built up could be a game-changer. According to the folks at CoreLogic, the average homeowner with a mortgage has over $300,000 in equity right now. That’s a whole lot of dough!
And get this – according to the latest data, over two-thirds of homeowners have either paid off their mortgages completely or have at least 50% equity in their homes. That’s some serious equity power right there!
So, if you’re on the fence about selling, take a good hard look at that equity situation. It might just be the nudge you need to make that decision a whole lot easier.
So around 70% of homeowners are sitting on a serious chunk of equity right now!
Put that Equity to Good Use
After you sell your home, you can use that equity to help you score your next one. Here’s the scoop:
Go all in with an all-cash offer: If you’ve been in your current place for a while, you might have enough equity to buy your next home without needing a loan. No mortgage, no worries about interest rates. Investopedia says it could give you an edge in a competitive market and help you seal the deal over other buyers.
Make a large down payment: Or, you could use that equity to make a bigger down payment on your next place. That way, you won’t have to borrow as much cash. According to The Mortgage Reports, putting more money down usually means better interest rates from lenders since they’re taking on less risk with you having more equity from the get-go.
The Easy Way To Find Out How Much Equity You Have
You want to know how much your house is worth these days? Just hit up a real estate pro, like myself, and ask them for a Professional Equity Assessment Report, or PEARs (not the fruit obviously). Easy peasy!
Bottom Line
So if you’re thinking about moving, your home equity can totally lend a hand with that. Why don’t we hop on a call and figure out how much equity you’ve got stashed away? That cash could be a game-changer for scoring your dream digs.
Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.
