If you are considering selling your current house and moving to a larger one, you may be surprised at the current positive equity you have in your home. Positive equity is the difference between your home’s appraised value and your current mortgage balance. When you purchase a home and make a down payment, you are creating immediate positive equity. Each mortgage payment following the initial down payment then increases your positive equity on the home. Additionally, when your home increases in value, your positive equity grows.
Do you have positive equity?
Keeping Current Matters reported from CoreLogic’s Equity Report that 91.5% of homes in the U.S. have positive equity on their homes. Out of that 91.5%, 72.6% have significant equity, which is defined as equity greater than 20%.
Let me create a personalized CMA for you!
The best way to learn if you have positive equity on your home is to have a personalized Comparative Market Analysis (CMA) done on your home. Your home may be worth more than you think. If you have been considering moving into a larger home or living in a different place, the real estate market is hot! I would love to meet with you, create a personalized CMA report for you, and help you understand the equity you have on your home.