Homeowners Have Incredible Equity To Leverage Right Now
In the real estate market, homeowners continue to possess a significant amount of equity, despite the moderation in home prices. Equity represents the disparity between the market value of your home and the outstanding mortgage balance. The National Association of Realtors (NAR) clarifies that equity grows over time through price appreciation and mortgage repayment.
Your accumulated equity can be advantageous when you decide to sell your current home and purchase a new one. If you require more space, it might be time to upgrade to a larger house. Conversely, if you have excessive space, downsizing to a smaller property could be suitable. In any situation, your equity serves as a potent resource that can assist you in making a move in today's market. It can potentially contribute to your down payment on the next home.
The amount of equity you have may surprise you. According to a recent survey by Realtor.com, many homeowners believe they have substantial equity. CoreLogic's latest data supports this perception, as it reveals that, on average, homeowners in the United States possess approximately $270,000 in equity, which is nearly $90,000 more than what they had at the beginning of the pandemic.
To leverage your equity and enhance your purchasing power in the current market, it is advisable to engage the services of a skilled real estate agent. A trusted agent can provide you with a better understanding of your home's value, giving you a clearer estimation of your equity. By knowing this information, you can determine your net proceeds and utilize the funds for your new home's down payment and closing costs. Hiring a competent real estate agent enables you to navigate the complex process of selling your house and ensures a smooth transaction.
In summary, comprehending your equity is crucial when making decisions about buying or selling your home. Relying on an experienced agent will guide you through the intricacies of the selling process, making the entire experience seamless.
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