Leverage Your Equity When You Sell Your Grand Rapids Home

Leverage Your Equity When You Sell Your House | MyKCM

One of the benefits of being a homeowner is that you build equity over time. By selling your house, that equity can be used toward purchasing your next home. But before you can put it to use, you should understand exactly what equity is and how it grows. Bankrate explains it like this:

“Home equity is the portion of your home you’ve paid off – in other words, your stake in the property as opposed to the lender’s. In practical terms, home equity is the appraised value of your home minus any outstanding mortgage and loan balances.”

Majority of Americans Have a Large Amount of Equity

If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the U.S. Census Bureau and ATTOM, the majority of Americans have a substantial amount of equity right now (see graph below):

Leverage Your Equity When You Sell Your House | MyKCM

And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOMexplains:

“Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.”

Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward paying for your next home.

Bottom Line

By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect today so you can find out how much home equity you have and start planning your next move.

176 Properties
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$1,175,000
Neighborhood: Ottogan Hills
6
Beds
3F11/2
Baths
4,239
Sq.Ft.
2023
Year Built
2
Days on Site
23142780
MLS
4
Beds
3F11/2
Baths
4,755
Sq.Ft.
1965
Year Built
2
Days on Site
23143161
MLS
4
Beds
3F11/2
Baths
3,238
Sq.Ft.
2002
Year Built
3
Days on Site
23143069
MLS
$899,000
Neighborhood: Wildwood Estate
5
Beds
3F11/2
Baths
3,804
Sq.Ft.
2003
Year Built
1
Day on Site
23143271
MLS
3
Beds
1
Baths
2,727
Sq.Ft.
1920
Year Built
2
Days on Site
23143258
MLS
5
Beds
3F11/2
Baths
3,589
Sq.Ft.
2012
Year Built
8
Days on Site
23142950
MLS
3
Beds
2F11/2
Baths
1,737
Sq.Ft.
2024
Year Built
3
Days on Site
23143119
MLS
$680,000
Neighborhood: Condos At Railview Ridge
3
Beds
3
Baths
2,610
Sq.Ft.
2023
Year Built
2
Days on Site
23143170
MLS
Pending
336 Wildwood Dr Holland,  MI 49423
4
Beds
3F21/2
Baths
4,036
Sq.Ft.
1955
Year Built
3
Days on Site
23143068
MLS
4
Beds
2F11/2
Baths
2,984
Sq.Ft.
1989
Year Built
5
Days on Site
23142626
MLS
$639,900
Neighborhood: Timberline Acres West
4
Beds
2F11/2
Baths
3,210
Sq.Ft.
2023
Year Built
3
Days on Site
23143090
MLS
$638,300
Neighborhood: Hidden Lakes West
5
Beds
3
Baths
1,662
Sq.Ft.
2023
Year Built
3
Days on Site
23143106
MLS

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