Leave a Message

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

Leverage Your Equity When You Sell Your House

March 13, 2023

Real Estate Tips

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):

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 ATTOMexplains:

“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.


Seller

Why Isn’t My Property Selling? Proven Strategies to Get Unstuck

Brian Ng  |  September 17, 2024

Why Isn’t My Property Selling? Proven Strategies to Get Unstuck

Buyer

How Interest Rate Hikes Are Driving Up Mortgage Payments: What Homebuyers Need to Know

Thao Dang Pham  |  September 16, 2024

How Interest Rate Hikes Are Driving Up Mortgage Payments: What Homebuyers Need to Know

Real Estate Investing

The Ultimate Guide to Investing in Property That Appreciates Over Time

Brian Ng  |  September 16, 2024

The Ultimate Guide to Investing in Property That Appreciates Over Time

Buyer

Finding the Perfect Property: Why It’s So Difficult and How Block Change Real Estate Can Help

Brian Ng  |  September 12, 2024

Finding the Perfect Property: Why It’s So Difficult and How Block Change Real Estate Can Help

Real Estate Investing

How to Avoid Overpaying for a Property: Trustworthy Agents and Transparency in a Hot Market

Brian Ng  |  September 11, 2024

How to Avoid Overpaying for a Property: Trustworthy Agents and Transparency in a Hot Market

Buyer

Unlocking the Key to Stress-Free Real Estate Transactions: Avoid Losing Your Dream Home to Lengthy Closing Processes

Thao Dang Pham  |  September 11, 2024

Unlocking the Key to Stress-Free Real Estate Transactions: Avoid Losing Your Dream Home to Lengthy Closing Processes
FOLLOW US ON INSTAGRAM