Tuesday, August 9, 2022 / by Shane Kilby
How To Use Your Equity
Your equity has grown considerably over the last couple of years.
Chances are that you have a lot more equity in your current property than you realize. That can be a game-changer when you prepare to buy your next home. When you sell your house, you can use your equity to help fund your next move. It may be enough to cover some (if not all) of the down payment on your next home.
How does equity work? As you pay down your home loan and as home prices increase, the increasing value you own is your equity. Due to rising home prices over the past few years, your equity has likely grown considerably. According to Core Logic, over the past year alone, homeowners gained record amounts of equity. The average home’s equity increased by $64,000 over the last 12 months.
If you'd like more information like a CMA to determine what your property would sell for in today's market, reach out to me by phone or email. I look forward to hearing from you.