It’s a good time to be a homeowner!
In 2022, homeowner equity increased a whopping 32.2%. For those new to equity, that’s a huge jump.
Here's a quick refresher on equity. Equity is how much your house is worth, minus the amount you have left on your mortgage. For example, if your home was worth $300,0000 and you had $200,000 left to pay down on mortgage, you would have $100,000 in equity.
Another way to look at it is like this: when you sell your home, the amount of equity you have is the profit you make. In our example, if you sold your home for $300,000, you’d have $100,000 left over after paying the mortgage off.
From this, you can see why a 32.2% equity increase is a big deal for homeowners. It’s basically free money in their pockets!
This equity increase is because home values have risen quite a bit, and that translates directly into the amount of money you can walk away with when you sell.
Want to tap into that equity and upgrade your home to something nicer? Then consider selling to free up your equity and use that as the down payment on your next property!
Want more info on equity and selling your home? Just send me a DM.