Homeowners Have Incredible Equity To Leverage Right Now

 Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:

“Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

How Your Equity Can Help You Achieve Your Goals

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, your equity can be a powerful tool you can use to help you make a move in today’s market. That’s because it may be some (if not all) of what you need for your down payment on your next home.

And how much equity you have may surprise you. A recent survey from Realtor.com finds many homeowners today estimate they’ve built up a significant amount of equity:

The latest data from CoreLogic helps solidify why homeowners are feeling so good about the equity they’ve likely gained over time. As Selma Hepp, Chief Economist for CoreLogic, says:

“While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”

How a Skilled Real Estate Agent Can Help If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference.

The Azagra Group can help you better understand the value of your home, so you’ll get a clearer picture of how much equity you likely have. As a recent article from Bankrate says:

“Hiring a skilled real estate agent can give you a realistic estimate of home prices in your area and how to price your current home. Using that figure, you can calculate how much equity you have and what your net proceeds will look like, so you can apply that money toward the down payment and closing costs of your new home.”

Having a solid understanding of your equity is key when it comes to making decisions about buying or selling your home. A skilled agent can help you navigate the often-complicated process of selling your house and ensure the transaction goes smoothly. 

Bottom Line

Today, many homeowners are sitting on a substantial amount of equity, and you may be one of them. The Azagra Group
can help you estimate how much equity you have and plan how you can use it toward the purchase of your next home.

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Take a look at this compiled list of Bay Area entertainment, wellness tips, and recipes.

Healdsburg Wine & Food Experience

Through May 21 Healdsburg 

The festival will showcase the region’s makers – farmers, growers, winemakers and chefs – alongside globally recognized wines from the greatest wine regions of the world.

Art, Wine & Music Festival

Sat-Sun, May 20-21, 10-6

Pleasant Hill Vendors, artists, beer & wine, live music, kidszone games and performances, food trucks and more! Don’t miss Saturday Evening’s Concert featuring Salvage Title at 6:30 PM.

The Crucible’s Fire & Light Soirée and Art Auction

Saturday, May 20, 6-10pm

Oakland An unforgettable evening full of delicious food, craft cocktails, fiery demonstrations, captivating performances, and a live auction featuring luxury experiences and stunning work by local artists.

Art in the Garden Tour

Saturday, May 20, 10-3

Berkeley Artwork from more than 16 artists will be on display and for sale in the tour gardens. The tour will also have a variety of art demonstrations. Both artists and gardeners will be available for information. Expect to have fun!

Bay to Breakers

Sunday, May 21, 8-12:30

San Francisco Welcome back to “Bay to Breakers,” the crown jewel of San Francisco events since 1912 with over 30,000+ people racing (and 100,000+ watching) from the Bay to the Breakers at the western end of Golden Gate Park.

Jurassic NightLife

Thursday, May 25, 6pm

San Francisco  Be one of the first to experience this mega-sized exhibit and meet the largest land animals that ever lived: long-necked and long-tailed sauropods (some of which grew to be longer than 150 feet!). Plus, learn about paleoart, play dinosaur trivia, listen to dino-mite live music, and more.

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Peninsula Restaurant Week

May 19-27 Various locations

Celebrate local Peninsula restaurants and give back to the community. Nine days of special menu items from 114 restaurants. Help support your local dining scene during Peninsula Restaurant Week.

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