Equity Is a Game Changer for Homeowners Looking To Sell
Are you torn on whether to sell your house right now because you don’t want to take on a higher mortgage rate on your next home? If so, your equity may be exactly what you need to help you feel more comfortable making your move. When you sell your house, you can use your equity toward purchasing your next home. But first, it's important to know what equity is and how it grows. What Equity Is and How It Works Equity is the current value of your home minus what you owe on the loan. And recently, that equity has been growing far faster than you may expect. Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly. While the market has started to normalize, there’s still an imbalance between the number of homes available for sale and the number of buyers looking to make a purchase. And it’s because homes are in such high demand that prices are back on the rise today. Rob Barber, CEO of ATTOM , a property data provider, explains: “Equity levels were high even during the recent downturn, and now they are going back up and better than ever.”
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