If you are considering selling your house and moving to a larger one, you may be surprised by the 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.
CoreLogic released a homeowner equity report stating that as of the first quarter of 2022, homeowners with mortgages have seen their equity increase by a total of over $3.8 trillion since the first quarter of 2021. This marks an increase of 32.2%, year-over-year.
The best way to find out if you have positive equity in your home is by getting the home appraised. Your home may be worth more than you know. If you have been thinking about moving, the real estate market is hot!
I would love to meet with you and help you understand the equity you have in your home, as well as refer you to one of my trusted professional appraisal partners. Call me today to set up an appointment.Tags: Finance