If you're thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it'll be
Home Equity Can Be a Game Changer When You Sell
Dated: February 9 2024
“Home equity is the difference between your home's value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.
You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You'll also build equity over time as your home's value increases.”
How To Make the Most of Your Home Equity Right Now
“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”
“You may want to pay cash for your home if you're shopping in a competitive housing market, or if you'd like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”
“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”
The Easy Way To Find Out How Much Equity You Have
As a RE/MAX® agent, Marie is dedicated to helping her clients find the home of their dreams. Whether you are buying or selling a home, or are just curious about the local market, she would love to of....