Leverage Your Equity When Selling Your Home

Dated: March 13 2023

Views: 107

Leverage Your Equity When You Sell Your House

Leverage Your Equity When You Sell Your House | MyKCM

One of the benefits of being a homeowner is that you build equity over time. By selling your house, that equity can be used toward purchasing your next home. But before you can put it to use, you should understand exactly what equity is and how it grows. Bankrate explains it like this:

“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

If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the U.S. Census Bureau and ATTOM, the majority of Americans have a substantial amount of equity right now (see graph below):

Leverage Your Equity When You Sell Your House | MyKCM

And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, explains:

“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.”

Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward paying for your next home.

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.

Kim Hanushek
(704)618-6081
kim.hanushek@exprealty.com
www.hanushekhomes.com

#fortmillrealtor #fortmillsold #formillrealestate #homeownership #fortmillhomes
#homeselling #realtor #realestate #homeselling #homebuying #soldhome
#homeequity #fortmillselling

Blog author image

Kim Hanushek

I grew up in a small town in NY called Monticello, then earned my Accounting degree from SUNY Oswego in Upstate NY.  I enjoyed beautiful sunsets on Lake Ontario but also endured extremely cold wi....

Latest Blog Posts

Mortgage Rate Drop!!!!

Posted by Kim Hanushek
September 17 2024
0 comments

Mortgage rates have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment.Even a small

Read More

Homeowner Benefits

Posted by Kim Hanushek
October 5 2023
0 comments

Understanding the Benefits of Owning Your First HomeAre you considering buying your first home? If so, it can be helpful to know what led other people to make that decision. According to a 

Read More

Why Your Home Didn’t Sell

Posted by Kim Hanushek
September 30 2023
0 comments

Why Your House Didn’t SellIf your listing expired and your house didn’t sell, you’re likely feeling a little frustrated. Not to mention, you're also probably wondering what

Read More

Retirement in the Near Future?

Posted by Kim Hanushek
September 12 2023
0 comments

Planning to Retire? Your Equity Can Help You Make a MoveReaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting

Read More

Property Search

Contact Information

Phone: 704-618-6081

Search Blog

Our Bloggers

Kim Hanushek Posts

Kim Hanushek

40 Posts