If you own a home, you could be facing a dilemma regarding whether to sell your house at this time. This uncertainty might stem from your desire to avoid dealing with a higher mortgage rate for your future property. If this is the main challenge you’re grappling with, gaining a clear grasp of your home equity might be precisely the solution to enhance your confidence in proceeding with your decision.
Equity represents the present worth of your residence minus your outstanding loan balance. Lately, this equity has been increasing at a rate that might exceed your expectations. In the past several years, housing prices experienced a substantial surge, leading to a rapid enhancement in your equity. Despite the market beginning to stabilize, there persists an unevenness between the quantity of homes accessible for sale and the number of potential buyers seeking to acquire a property. This heightened demand for homes is precisely what’s driving the current resurgence in prices.
If you’re considering a transition, the accumulated equity can have a significant influence. To determine the precise extent of equity in your existing residence and explore how you can leverage it to support your upcoming acquisition, get in touch with me!