Homeowners Have Incredible Equity To Leverage Right Now

Homeowners Have Incredible Equity To Leverage Right Now




Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:

“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

How Your Equity Can Help You Achieve Your Goals

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, your equity can be a powerful tool you can use to help you make a move in today’s market. That’s because it may be some (if not all) of what you need for your down payment on your next home.

And how much equity you have may surprise you. A recent survey from Realtor.com finds many homeowners today estimate they’ve built up a significant amount of equity:

The latest data from CoreLogic helps solidify why homeowners are feeling so good about the equity they’ve likely gained over time. As Selma Hepp, Chief Economist for CoreLogic, says:

“While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”

How a Skilled Real Estate Agent Can Help

If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference.

A real estate professional can help you better understand the value of your home, so you’ll get a clearer picture of how much equity you likely have. As a recent article from Bankrate says:

“Hiring a skilled real estate agent can give you a realistic estimate of home prices in your area and how to price your current home. Using that figure, you can calculate how much equity you have and what your net proceeds will look like, so you can apply that money toward the down payment and closing costs of your new home.” 

Having a solid understanding of your equity is key when it comes to making decisions about buying or selling your home. A skilled agent can help you navigate the often-complicated process of selling your house and ensure the transaction goes smoothly.

Bottom Line

Today, many homeowners are sitting on a substantial amount of equity, and you may be one of them. Let’s connect so we can estimate how much equity you have and plan how you can use it toward the purchase of your next home.

Phone(248) 266-0584

Email[email protected]

Address Oak & Stone Real Estate
408 East Street
Rochester, MI 48307

22 Properties
Page 1 of 2
Open 6/22
6543 Chatham Circle Rochester Hills,  MI 48306
$570,000
Neighborhood: Quailcrest - A Singh Development
3
Beds
3F11/2
Baths
2,653
Sq.Ft.
2001
Year Built
4
Days on Site
20240042765
MLS
$375,000
Neighborhood: Warner Creek Sub
5
Beds
3
Baths
1,426
Sq.Ft.
1988
Year Built
4
Days on Site
20240043033
MLS
$499,999
Neighborhood: Potomac Green
4
Beds
2F11/2
Baths
2,571
Sq.Ft.
1968
Year Built
5
Days on Site
20240042600
MLS
$740,000
Neighborhood: Whispering Hills
4
Beds
2F11/2
Baths
3,288
Sq.Ft.
1987
Year Built
7
Days on Site
20240041826
MLS
$42,500
Neighborhood: Kaiser Gardens
2
Beds
1
Baths
652
Sq.Ft.
1938
Year Built
9
Days on Site
20240041664
MLS
$115,000
Neighborhood: Sawyers Keego Harbor Sub
0.18
Acres
9
Days on Site
20240041864
MLS
$229,900
Neighborhood: Scotts Addition
3
Beds
2
Baths
1,380
Sq.Ft.
1950
Year Built
12
Days on Site
20240039338
MLS
$299,900
Neighborhood: Ingleside Farms Sub
3
Beds
2
Baths
1,800
Sq.Ft.
1953
Year Built
12
Days on Site
58050144881
MLS
$229,900
Neighborhood: Plum Hollow Estates No 1
3
Beds
1
Baths
1,116
Sq.Ft.
1964
Year Built
13
Days on Site
20240040314
MLS
2
Beds
1F11/2
Baths
1,550
Sq.Ft.
19
Days on Site
81024027766
MLS
$325,000
Neighborhood: Warren Park Sub
3
Beds
2
Baths
1,474
Sq.Ft.
1989
Year Built
23
Days on Site
58050143756
MLS
4
Beds
3F11/2
Baths
2,108
Sq.Ft.
1999
Year Built
24
Days on Site
20240036267
MLS

Post a Comment