Leveraging Your Equity

According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

CoreLogic also notes the average equity mortgaged homes have right now is $177,000. That’s a tremendous amount of forced savings for homeowners in today’s market.

As a homeowner, you may have more equity in your house than you realize. Using it to make a move to a new home while interest rates are low may be the best decision you could make.

In a season like we’re in now, when inventory is limited, equity is high, and interest rates are low, homeowners in a position to sell are in a great place to win big.

Mark Fleming, Chief Economist at First American, notes:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

Bottom Line

Whether you’re ready to move up into a larger home or downsize into a smaller one, let’s connect to see if your home equity positions you to make your next move sooner than you may have thought possible.