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.

397 Properties
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6F21/2
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8,379
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2007
Year Built
2
Days on Site
23018567
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Outstanding opportunity as this executive luxury estate comes to market for the first time ever. Custom-built by Falcon Home Builders set on 5 heavily wooded acres for total privacy in the gated...
3
Beds
2F11/2
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3,205
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1937
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5
Days on Site
23018014
MLS
This Lake Michigan home features 200 feet of private lake frontage with a wide and sandy beach area. Enjoy a main floor with fabulous lake views and a finished lower level with vaulted ceilings. The...
4
Beds
2F31/2
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5,945
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2011
Year Built
3
Days on Site
23018377
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That magical moment when you walk out back and see the sun shining down on the water, and it sparkles as if to say welcome home, you can relax now. This 4 bedroom, 4 bathroom home custom built in...
5
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3
Baths
3,356
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2002
Year Built
2
Days on Site
23018595
MLS
150' of waterfront on the Grand River. Enjoy over 2 acres of property with your own golf chipping green. Approximately 3,400+/- sqft of living area with 5 bedrooms and 3 full baths. Updated and...
6
Beds
3F11/2
Baths
4,210
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2023
Year Built
4
Days on Site
23018146
MLS
Welcome to this STUNNING 2023 parade home in the coveted community of Summerset West! Conveniently located between Grand Rapids and the Lakeshore, close to all of the shopping and restaurants that...
1
Beds
1
Baths
800
Sq.Ft.
1955
Year Built
2
Days on Site
23018658
MLS
over an acre of property and an impressive 125 feet of Lake Michigan frontage, this is a rare opportunity to make your dream home a reality. Welcome to this remarkable piece of lakefront land that...
1.3
Acres
2
Days on Site
23018661
MLS
With over an acre of property and an impressive 125 feet of Lake Michigan frontage, this is a rare opportunity to make your dream home a reality. Welcome to this remarkable piece of lakefront land...
4
Beds
3F11/2
Baths
3,446
Sq.Ft.
2006
Year Built
7
Days on Site
23017823
MLS
You'll love this Beautiful English Cottage Design by Jeff Visser. This easy flowing open floor plan has so many amenities including a large entry, custom Kitchen, stone fireplace, custom built-ins,...
5
Beds
3F11/2
Baths
3,850
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2005
Year Built
5
Days on Site
23017969
MLS
Stunning traditional style home in one of the most sought after neighborhoods in all of Spring Lake. Hemlock Ridge Estates is an executive style neighborhood where all of the homes have been built on...
$985,000
Neighborhood: Cambridge Addition
4
Beds
3F11/2
Baths
3,866
Sq.Ft.
1921
Year Built
4
Days on Site
23018035
MLS
Brimming with timeless and historic character yet tastefully updated where it counts, this stunning 1920's Georgian style brick home is located on East Grand Rapids' most beloved tree-lined Cambridge...
5
Beds
4
Baths
4,729
Sq.Ft.
2007
Year Built
2
Days on Site
23018762
MLS
This is what you have been waiting for all winter long!!! You're sure to love this tastefully renovated home on Van Singel Lake in award-winning Byron Center schools that boasts all of the modern...
4
Beds
3F21/2
Baths
4,329
Sq.Ft.
1895
Year Built
3
Days on Site
23018563
MLS
You know this house. A design like no other. Hand cut stone arches, turrets, shingle style gables, a porte cochere, and fanciful windows. A stately carriage house with details to match the house....

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