Your home is always building equity…and may be the piggy bank that funds your next one!
Higher home prices and mortgage rates have caused plenty of homeowners to put moving plans on hold — especially those who locked in an ultra-low rate years ago.
But there’s another part of the equation that’s easy to overlook: the equity you’ve built in your current home.
If you’ve owned your home for several years, that equity could give you considerably more flexibility than you realize. Depending on your situation, it may help you:
1) Make a larger down payment and reduce how much you need to borrow on your next home.
2) Buy your next home with cash. In fact, 26% of repeat buyers purchased with all cash in July, according to the National Association of REALTORS®.
3) Renovate instead of relocate. If you love where you live but your home no longer fits your needs, your equity may give you options for making it work better for the next chapter.
Whether you’re thinking about upsizing, downsizing, relocating or simply wondering what’s possible, knowing what your home is worth today is a smart place to start.
I can provide a personalized, market-based look at your home’s current value to help you understand how the equity you’ve built could factor into your next move.
You may discover the question isn’t “Can I afford to move?” but rather “What kind of move makes the most sense for me?”