{"id":113,"date":"2024-06-06T15:03:03","date_gmt":"2024-06-06T20:03:03","guid":{"rendered":"https:\/\/twilabertrand.sites.c21.homes\/?p=113"},"modified":"2024-06-06T15:03:03","modified_gmt":"2024-06-06T20:03:03","slug":"your-equity-could-help-you-make-a-move","status":"publish","type":"post","link":"https:\/\/twilabertrand.sites.c21.homes\/?p=113","title":{"rendered":"Your Equity Could Help You Make a Move"},"content":{"rendered":"
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Your Equity Could Make a Move<\/h2>\n
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For Sellers<\/a>Equity<\/a>Selling Tips<\/a><\/div>\n
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Many homeowners looking\u00a0to sell<\/a>\u00a0feel like they\u2019re stuck between a rock and a hard place right now. Today\u2019s\u00a0mortgage rates<\/a>\u00a0are higher than the one they currently have on their home, and that\u2019s making it harder to\u00a0want to sell<\/a>\u00a0and make a move. Maybe you\u2019re in the same boat.<\/p>\n

But what if there was a way to offset these higher\u00a0borrowing costs<\/a>? There is. And the money you need probably already exists in your current home in the form of equity.<\/p>\n

What Is Equity?<\/strong><\/h4>\n

Think of equity as a simple math equation.\u00a0Freddie Mac<\/em>\u00a0explains<\/a>:<\/p>\n

\u201c. . . your home\u2019s equity is the difference between how much your home is worth and how much you owe on your mortgage.\u201d<\/em><\/p><\/blockquote>\n

Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home\u00a0price appreciation<\/a>\u00a0we saw in recent years, you probably have a whole lot more of it than you realize.<\/p>\n

The latest from the\u00a0Census<\/em><\/a>\u00a0and\u00a0ATTOM<\/em><\/a>\u00a0shows more than two out of three homeowners have either completely paid off their mortgages (shown in<\/em>\u00a0green in the chart below<\/em>) or have at least 50% equity (shown in<\/em>\u00a0blue in the chart below<\/em>):<\/strong><\/p>\n

That means the majority of homeowners have a game-changing amount of equity right now.<\/strong><\/p>\n

How Your Equity Can Help Fuel Your Move<\/strong><\/h4>\n

After you\u00a0sell<\/a>\u00a0your house, that\u00a0equity<\/a>\u00a0can\u00a0help you move without worrying as much about today\u2019s mortgage rates. As Danielle Hale, Chief Economist for\u00a0Realtor.com<\/em>\u00a0says:<\/p>\n

\u201cA consideration today’s homeowners should review is what their home equity picture looks like.\u00a0<\/em>With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion.<\/em><\/strong>\u00a0This 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.\u201d<\/em><\/p><\/blockquote>\n

To give you some examples, here are a few ways you can use\u00a0equity<\/a>\u00a0to buy your next home:<\/p>\n