Building equity in your home is one of the biggest financial benefits of homeownership. Across the country, homeowners are sitting on record amounts of equity, and this could be a game-changer for you if you’re considering selling your home. Let’s explore how your equity can make a difference and how tools like a house seller calculator or a home sale calculator can help you plan your next steps.

What Is Home Equity?

Home equity is the difference between your home’s market value and the remaining balance on your mortgage. For example, if your home is worth $400,000 and you owe $200,000, your equity is $200,000. This growing equity is a powerful financial tool, especially if you’re planning to sell and buy your next property.

Why Home Equity Matters for Sellers

Recent data from the Census Bureau and ATTOM shows that most homeowners have significant equity in their homes. In fact, over two-thirds of homeowners have either paid off their mortgages completely or have at least 50% equity in their homes. CoreLogic estimates that the average homeowner now has $311,000 in equity—an amount that could make a huge difference in your next move.

This equity gives you options:

  1. All-Cash Purchases: With enough equity, you could buy your next home outright. This means no mortgage, no monthly payments, and no interest rates to worry about.

  2. Larger Down Payments: Even if you can’t buy in cash, your equity can enable you to make a larger down payment, reducing your monthly mortgage payments and possibly securing a better interest rate.

Tools to Help You Understand Your Equity

Before making any decisions, it’s essential to understand how much your home is worth. Tools like a sell my house calculator or a calculator for selling house can provide a rough estimate of your home’s value. These tools take into account factors like your home’s location, size, and market trends.

However, for a more accurate assessment, schedule a home inspection in Cookeville, TN, or wherever your property is located. A professional inspection and appraisal can give you the detailed insights you need to confidently price your home and calculate your potential equity.

The Rise of All-Cash Buyers

One of the reasons equity is so important is the increasing trend of all-cash buyers. According to the National Association of Realtors (NAR), 26% of buyers are now purchasing homes without a mortgage. This means less competition for those looking to make a strong offer with cash, and it’s an opportunity for you as a seller to stand out.

Bottom Line

With record levels of equity, today’s homeowners have a unique advantage in the housing market. Whether you’re looking to buy your next home in cash, make a significant down payment, or simply explore your options, your equity can fuel your next move.

To get started, use a house seller calculator or a home sale calculator to estimate your home’s value. Then, connect with a local real estate agent to discuss your equity and plan your next steps. Whether you’re considering a home inspection in Cookeville, TN, or simply curious about your options, now is the time to make your move. 🏡✨