Equity Is A Game Changer For Homeowners Looking To Sell

Some great information from our friends at KCM. In this market with rising interest rates and growing home prices, sometimes you need to think outside the box to make a move! If you’re a homeowner, you might be torn on whether or not to [sell your house](https://www.keepingcurrentmatters.com/2023/07/31/pricing-your-house-right-still-matters-today/) right now. Maybe that’s because you don’t want to take on a higher [mortgage rate](https://www.keepingcurrentmatters.com/2023/08/03/how-inflation-affects-mortgage-rates/) on your next home. If that’s your [biggest hurdle](https://www.keepingcurrentmatters.com/2023/08/01/sellers-dont-let-these-two-things-hold-you-back/), understanding your equity may be exactly what you need to help you feel more comfortable making your move. #### **What Equity Is and How It Works** Equity is the current value of your home minus what you owe on the loan. And recently, that [equity](https://www.keepingcurrentmatters.com/2023/06/16/how-owning-a-home-grows-your-wealth-with-time-infographic/) has been growing far faster than you may expect. Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly. While the market has [started to normalize](https://www.keepingcurrentmatters.com/2023/07/25/dont-fall-for-the-next-shocking-headlines-about-home-prices/), there’s still an imbalance between the [number of homes](https://www.keepingcurrentmatters.com/2023/08/08/theres-only-half-the-inventory-of-a-normal-housing-market-today/) available for sale and the [number of buyers](https://www.keepingcurrentmatters.com/2023/07/27/homebuyers-are-still-more-active-than-usual/) looking to make a purchase. And it’s because homes are in such high demand that [prices](https://www.keepingcurrentmatters.com/2023/07/17/home-prices-are-rebounding/) are back on the rise today. Rob Barber, CEO of ATTOM, a property data provider, [explains](https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q2-2023-u-s-home-equity-and-underwater-report/): > _“Equity levels were high even during the recent downturn, and now they are going back up and better than ever.”_ #### **How Equity Benefits You in Today’s Market** With today’s [affordability challenges](https://www.keepingcurrentmatters.com/2023/07/07/the-benefits-of-downsizing-for-homeowners-infographic/), that equity can be a game changer when you move. Here’s why. Based on data from [ATTOM](https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q2-2023-u-s-home-equity-and-underwater-report/) and the [_Census_](https://data.census.gov/cedsci/all?q=mortgage), nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity (_see chart below_):[](https://files.keepingcurrentmatters.com/content/branded/images/20230814/20230815-Americans-Sitting-On-Tremendous-Equity.png) **That means roughly 70% have a tremendous amount of equity right now.** Once you [sell your house](https://www.keepingcurrentmatters.com/2023/06/26/the-true-cost-of-selling-your-house-on-your-own/), you can use your equity to help with your next purchase. It could be some (if not all) of what you’ll need for your next down payment. It may even be enough to allow you to put a considerably larger down payment on your next home, so you don’t have to finance quite as much. And, if you’ve been in your current house for years, you may have even built up enough equity to pay in all cash. If that’s true for you, you’d be able to avoid borrowing altogether, so you wouldn’t have to worry about today’s [mortgage rates](https://www.keepingcurrentmatters.com/2023/07/19/explaining-todays-mortgage-rates/). #### **How To Find Out How Much Equity You Have** The best way to learn how much you have is to reach out to a trusted real estate agent for a Professional Equity Assessment Report (PEAR). ### Bottom Line If you’re planning to [make a move](https://www.keepingcurrentmatters.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/), the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, connect with a trusted real estate advisor. Are you ready to use your home’s equity to help you make a move? Give Chris Simpson a call today 231-215-7229. Let have a conversation and formulate a plan to get you into your dream home! Chris Simpson Nexes Realty Inc. 880 W. Broadway Ave Muskegon, MI 49441 * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2023/08/22/equity-is-a-game-changer-for-homeowners-looking-to-sell/?share=twitter&nb=1) - [Facebook](https://chrissimpsonwestmichiganrealestate.com/2023/08/22/equity-is-a-game-changer-for-homeowners-looking-to-sell/?share=facebook&nb=1) Like Loading... [Reblog](https://widgets.wp.com/likes/index.html?ver=20250926# "Reblog this post on your main site.") 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