Leverage Your Equity When You Sell Your House

One of the benefits of being a homeowner is that you build equity over time. By\[selling](https://www.simplifyingthemarket.com/2023/02/06/the-top-reasons-for-selling-your-house/) 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](https://www.bankrate.com/home-equity/what-is-home-equity/) 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_ \[](https://data.census.gov/cedsci/all?q=mortgage) and _ATTOM_ \[](https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q4-2022-u-s-home-equity-and-underwater-report/), the majority of Americans have a substantial amount of equity right now (_see graph below_): [](https://files.keepingcurrentmatters.com/content/images/20230310/americans-sitting-on-tremendous-equity-MEM.png) 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 _ATTOM_, \[explains](https://www.housingwire.com/articles/almost-45-of-homeowners-are-now-equity-rich/): ###### _“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](https://www.simplifyingthemarket.com/2023/02/13/what-you-should-know-about-closing-costs/) for your next home. ### Bottom Line By \[selling](https://www.simplifyingthemarket.com/2023/01/30/where-will-you-go-if-you-sell-you-have-options/) 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](https://www.simplifyingthemarket.com/2023/02/15/should-you-consider-buying-a-newly-built-home/) your next move. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on March 13th, 2023 Enjoy this blog post? Click here to subscribe for updates [Facebook Share this post on Facebook](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20230313leverage-your-equity-when-you-sell-your-housea713258-9a8342.html# "Share this post on Facebook") Twitter Tweet this post on Twitter [Email Send a link to post via Email](mailto:?subject=Leverage%20Your%20Equity%20When%20You%20Sell%20Your%20House&body=I%20was%20looking%20at%20https%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2F%20and%20I%20thought%20you%20would%20like%20to%20look%20at%20this%20blog%20entry%3A%0D%0Ahttps%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2Fhttpswwwsimplifyingthemarketcomen20230313leverage-your-equity-when-you-sell-your-housea713258-9a8342.html "Send a link to post via Email")[](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20230313leverage-your-equity-when-you-sell-your-housea713258-9a8342/print.html "Opens new window with print ready page") ### Leave A Comment Leave text box empty Full Name\- required Email Address\- required Website Link e.g. yourwebsitename.com Comment\- required Submit Comment Please note that your email address is kept private upon posting. Message us ··· Chatra reCAPTCHA Recaptcha requires verification. [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/) protected by **reCAPTCHA** [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/)