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Featured Properties
2042 4th St, San Rafael, CA
Well maintained and well established commercial units. Located in a highly visible, high traffic area on 4th Street within the famous Miracle Mile. 2042…
2010 Pioneer Way Santa Rosa, CA
a 178-unit apartment community located at 2010 Pioneer Way in Santa Rosa, California. Pioneer Apartments consists of 100 one-bedroom/one-bath units and 78 two bedroom/one-and-one-half…
The Palms Apartments
The Palms Apartments, a 60-unit apartment community located at 128-170 Santa Alicia Drive in Rohnert Park, California. The Palms Apartments at 128-170 Santa Alicia…
3076 Marlow Rd., Santa Rosa, CA 95403
3076 Marlow Rd., Santa Rosa, CA 95403 is for sale by the RE/MAX Elite Partners in Fairfield, CA call 707.580.3499 for more information. Marlow…
3751 Sebastopol Rd, Santa Rosa, CA 95407
Park Lane Villas, a 121-unit Condominium community located at 3751 Sebastopol Rd, Santa Rosa, California. The Park Lane Villas consist of 22 two-bedroom, two-bath units,…
373 Pueblo Way, Vallejo, CA 94591
Welcome to Vallejo, California! Introducing a stunning new listing that has just hit the market. This completely updated, charming home offers a wonderful combination…
165 Oddstad Dr #60, Vallejo, CA 94589
You will not want to miss this beautiful contemporary townhome! Bright and airy design, nestled among the trees. Enjoy your deck off of the…
251 Carlisle Way, Benicia, CA 94510
Lovely and clean 3 Bed, 2 Bath, single-story gem, located in the heart of charming Benicia. Solar Panel Powered for energy and cost efficiency….
1120 70th Ave, Oakland, CA 94621
Move-in ready 3 bed/1.5 bath home WITH A BRAND NEW ROOF perfect for you and your family. 1120 70th Ave, Oakland, CA 94621 is…
493 Palo Alto Ct, Fairfield, CA 94533
Nestled on one of Fairfield’s most desirable courts, 493 Palo Alto welcomes you to Paradise Highlands. A open concept flowing floorpan offers tremendous versatility…
8012 Kenai Ct, Vacaville, CA 95687
Absolutely gorgeous home located in a quiet court! This home offers builder upgrades such as a custom built-in cabinet in the den with functional…
1314 Amador Way, Suisun City, CA 94585
This formal model home offers its owner true flexibility. Situated on a corner lot, this single story is well suited for a multitude of…
556 Ruby Dr, Vacaville, CA 95687
For Sale →556 Ruby Drive PRICE: $899,950 5 Bedrooms 3 Bathrooms 3,772 sq ft Built 2000 899,950 Summary Experience the quintessential Vacaville lifestyle in…
1828 Downing St, Petaluma, CA 94954
Welcome to this beautifully remodeled 3 bedroom, 1.5 bath nestled in the sought after Cader Farms neighborhood of Petaluma.
561 Bridgeway Way, Sausalito, CA 94965
🏬 8 Units | Mixed Use | Waterfront →$5,575,000
702 Mayflower St, Petaluma, CA 94954
Spacious corner lot in a highly desirable Petaluma neighborhood. Come home to this wonderful 3 bd., 2.5 bath built in 1995.
Your Home Equity Can Offset Affordability Challenges
Are you thinking about selling your house? If so, today’s mortgage rates may be making you wonder if that’s the right decision. Some homeowners are reluctant to sell and take on a higher mortgage rate on their next home. If you’re worried about this too, know that even though rates are high right now, so is home equity. Here’s what you need to know.
Bankrate explains exactly what equity is and how it grows:
“Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”
In other words, equity is how much your home is worth now, minus what you still owe on your home loan.
How Much Equity Do Homeowners Have Now?
Recently, your equity has been growing faster than you might think. To help contextualize just how much the average homeowner has, CoreLogic says:
“. . . the average U.S. homeowner now has about $290,000 in equity.”
That’s because, over the past few years, home prices went up significantly – and those rising prices helped your equity to accumulate faster than usual. While the market has started to normalize, there are still more people wanting to buy homes than there are homes available for sale. This high demand is causing home prices to go up again.
According to the Federal Housing Finance Agency (FHFA), the Census, and ATTOM, a property data provider, nearly two-thirds (68.7%) of homeowners have either fully paid off their mortgages or have at least 50% equity (see chart below):
That means nearly 70% of homeowners have a tremendous amount of equity right now.
How Equity Helps with Your Affordability Concerns
With today’s affordability challenges, your equity can make a big difference when you decide to move. After you sell your house, you can use the equity you’ve built up in your home to help you buy your next one. Here’s how:
- Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy a new house without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. The National Association of Realtors (NAR) states:
“These all-cash home buyers are happily avoiding the higher mortgage interest rates . . .”
- Make a larger down payment: Your equity could be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money so today’s rates become less of a sticking point. Experian explains:
“Increasing your down payment lowers your principal loan amount and, consequently, your loan-to-value ratio, which could lead to a lower interest rate offer from your lender.”
Bottom Line
If you’re thinking about moving, the equity you’ve built up can make a big difference, especially today. To find out how much equity you’ve got in your current house and how you can use it for your next home, let’s connect.
Your Home Equity Can Offset Affordability Challenges
📊 Mortgage rates may be making you wonder if selling is the right decision. Here’s what you need to know about how home equity can help.
Why Is Housing Inventory So Low?
🏡 Why is it so hard to find a house to buy? And while it may be tempting to wait it out until you have more options, that’s probably not the best strategy. Here’s why.
Get Ready for Smaller, More Affordable Homes
🏡 In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their home provided not only as a place to live, but as a place to work, go…
Expert Home Price Forecasts Revised Up for 2023
📈 Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023.
Gen Z: The Next Generation Is Making Moves in the Housing Market
💁🏽♀️ Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership.
Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages
📈 If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then.
Where Are People Moving Today and Why?
📦 Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market…
Pricing Your House Right Still Matters Today
While this isn’t the frenzied market we saw in recent years, homes that are priced right are still selling quickly and seeing multiple offers right now.
