Leverage Your Equity When You Sell Your House

Being a homeowner has numerous advantages, one of which is the ability to accumulate equity. You can use the equity from the sale of your current home to buy a new one. Nevertheless, you must first comprehend exactly what equity is and how it develops before you can use it. Here is how Bankrate describes it:

“Home equity is the portion of your home you’ve paid off – in other words, your stake in the property as opposed to the lender’s. In practical terms, home equity is the appraised value of your home minus any outstanding mortgage and loan balances.”

Majority of Americans Have a Large Amount of Equity

You may not even be aware of how much equity you've accrued if you've owned your house for a time. according to American data. According to the Census Bureau and ATTOM, the majority of Americans currently have a sizable amount of equity:

Homeowners gain from possessing such substantial wealth in a variety of ways. According to ATTOM's Rick Sharga, Executive Vice President of Market Intelligence:

"Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.”

Your home's equity increases with time. When you're prepared to sell your property, that money might go a long way toward paying for your future home in addition to giving you financial security while you own your current one.

Bottom Line

By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect today so you can find out how much home equity you have and start planning your next move.