Untapped Equity

Hello, It's Maritza Cortazar, My AZ Homegirl here and today I want to talk about the goldmine many of you are sitting on. Are you hesitating to sell your home due to concerns about affordability? While affordability is improving this year, it's still a common worry among homeowners. However, understanding your home equity can help you make a more informed decision.

Home equity is essentially the difference between your home's current value and the amount you still owe on your mortgage. It's the portion of your home that you truly own. Your equity grows over time as you pay down your mortgage and as your home's value appreciates.

In recent years, home prices have surged, resulting in significant increases in home values and, consequently, in home equity for many homeowners. You may be surprised at how much equity you've accumulated.

Leveraging your home equity can be a strategic move, especially if you're considering selling your home. The average U.S. homeowner with a mortgage has over $300,000 in equity, and a considerable portion of homeowners have substantial equity.

Using your equity when you sell your home can benefit you in several ways. For instance, you could become an all-cash buyer for your next home, giving you a competitive edge in the market. Alternatively, you could use your equity to make a larger down payment, potentially qualifying you for better mortgage rates.

To determine the amount of equity you have in your home, consider requesting a Professional Equity Assessment Report (PEAR) from My AZ Homegirl, your trusted real estate agent. This report can provide you with valuable insights into your home's current value and your equity position, helping you make informed decisions about your next steps in the real estate market.

Maritza Cortazar, Realtor® - Guiding You Home, From Start To Keys