Leave a Message

Thank you for your message. We will be in touch with you shortly.

Leverage Your Equity When You Sell Your House

Leverage Your Equity When You Sell Your House
 
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.”
 

The 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):
 
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.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Fun Things To Do in Gig Harbor
5 Fun Activities in Gig Harbor

August 27, 2024

From museums to breathtaking hikes, Gig Harbor has a plethora of fun activities to dive into.

A bright and cheerful living room with a gray couch, glass coffee table, and gray carpet.
An Expert Gives You Clarity in Today’s Housing Market

March 13, 2023

The right agent can help you understand what’s happening at the national and local level.

Leverage Your Equity When You Sell Your House

March 12, 2023

One of the benefits of being a homeowner is that you build equity over time.

View All

Work With Lacie

With an unparalleled work ethic, and a commitment to providing you with savvy representation for the results you desire, allow Lacie to perform for you.

Let's Connect
Get in Touch
Contact Details

Lacie Ferris

(360) 316-4245

[email protected]



7201 Pioneer Way A., #101
Gig Harbor, WA 98335