Curious About Selling You Home? Unlocking Your Equity Is The First Step!

If you're considering selling your home, the first thing you need to understand is how much equity you have. Thanks to significant increases in home prices over the past few years, many homeowners have more equity than they realize.

Home Equity: What Is It and How Much Do You Have?

Home equity is the difference between your home's current market value and the remaining balance on your mortgage. For instance, if your home is valued at $600,000 and you owe $300,000, your equity is $300,000.

Recent data from the Census and ATTOM reveals that Americans currently hold substantial equity. In fact, over two-thirds of homeowners have either fully paid off their mortgages or have at least 50% equity in their homes.

Why Is This Important?

With such significant equity, you can expect a larger return on your investment when you sell. This equity can be a powerful resource to fuel your next move, giving you more financial flexibility.

What Should You Do Next?

If you're thinking about selling your home, it's crucial to determine how much equity you have and understand what it means for your sale and potential earnings. To get a clear picture, work with your real estate agent, and consult a tax professional or financial advisor. This team of experts can help you navigate your specific situation and guide you toward a successful sale. Reach out to us at Brown McMillen Real Estate, if you need help finding an expert to guide you in your home search prep and process!