To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.
Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat.
But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity.
Think of equity as a simple math equation. Freddie Mac explains:
“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”
Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.
The latest from the Census and ATTOM shows 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 (shown in blue in the chart below):
That means the majority of homeowners have a game-changing amount of equity right now.
After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says:
“A consideration today’s homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”
To give you some examples, here are a few ways you can use equity to buy your next home:
Want to find out how much equity you have? To do that, you’ll need two things:
You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).
Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity.
If you want to find out how much equity you have and talk more about how it can make your next move possible, connect with me at 917-254-2103. My goal is always to help you accomplish yours!
A recent Bank of America survey revealed what many homebuyers are feeling today: they’re ready to move forward—but affordability remains the biggest concern. When asked what would boost their confidence, buyers pointed to two key factors:
What You Need to Know About Concessions in Today’s Housing Market In today’s real estate market, things have shifted. With more homes now available, buyers have more choices—and that means sellers are having to be more flexible to m
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
A recent Bank of America survey revealed what many homebuyers are feeling today: they’re ready to move forward—but affordability remains the biggest concern. When asked what would boost their confidence, buyers pointed to two key factors:
What You Need to Know About Concessions in Today’s Housing Market In today’s real estate market, things have shifted. With more homes now available, buyers have more choices—and that means sellers are having to be more flexible to m