{"id":9011,"date":"2023-08-15T06:30:00","date_gmt":"2023-08-15T10:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9011"},"modified":"2023-08-15T06:30:00","modified_gmt":"2023-08-15T10:30:00","slug":"equity-is-a-game-changer-for-homeowners-looking-to-sell","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9011","title":{"rendered":"Equity Is a Game Changer for Homeowners Looking To Sell"},"content":{"rendered":"
\"Equity<\/p>\n

If you\u2019re a homeowner, you might be torn on whether or not to sell your house<\/a> right now. Maybe that\u2019s because you don\u2019t want to take on a higher mortgage rate<\/a> on your next home. If that\u2019s your biggest hurdle<\/a>, understanding your equity may be exactly what you need to help you feel more comfortable making your move.<\/p>\n

What Equity Is and How It Works<\/strong><\/h4>\n

Equity is the current value of your home minus what you owe on the loan. And recently, that equity<\/a> has been growing far faster than you may expect.<\/p>\n

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<\/a>, there\u2019s still an imbalance between the number of homes<\/a> available for sale and the number of buyers<\/a> looking to make a purchase. And it\u2019s because homes are in such high demand that prices<\/a> are back on the rise today. Rob Barber, CEO of ATTOM, a property data provider, explains<\/a>:<\/p>\n

\u201cEquity levels were high even during the recent downturn, and now they are going back up and better than ever.\u201d<\/em><\/p><\/blockquote>\n

How Equity Benefits You in Today\u2019s Market<\/strong><\/h4>\n

With today\u2019s affordability challenges<\/a>, that equity can be a game changer when you move. Here\u2019s why. Based on data from ATTOM<\/a> and the Census<\/em><\/a>, nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity (see chart below<\/em>):<\/a><\/p>\n

That means roughly 70% have a tremendous amount of equity right now. <\/strong><\/p>\n

Once you sell your house<\/a>, you can use your equity to help with your next purchase. It could be some (if not all) of what you\u2019ll 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\u2019t have to finance quite as much. And, if you\u2019ve been in your current house for years, you may have even built up enough equity to pay in all cash. If that\u2019s true for you, you\u2019d be able to avoid borrowing altogether, so you wouldn\u2019t have to worry about today\u2019s mortgage rates<\/a>.<\/p>\n

How To Find Out How Much Equity You Have <\/strong><\/h4>\n

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).<\/p>\n

Bottom Line<\/h3>\n

If you\u2019re planning to make a move<\/a>, the equity you\u2019ve 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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\"Equity<\/p>\n

If you\u2019re a homeowner, you might be torn on whether or not to sell your house right now.<\/p>\n<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,85,86,89,133],"tags":[],"class_list":["post-9011","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-sellers","category-housing-market-updates","category-move-up-buyers","category-selling-myths"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9011"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9011\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}