If you, or a loved one, has owned a house for over 10 years, you might be shocked to hear how much your equity has grown in that time.
Equity is the difference between a home's fair market value (what buyers would pay for your home) and what you owe. So basically, your equity is your profit at any moment in time. What is important to know is that it does change and it can go down. Supply, demand and the overall condition of your home are a few of the factors needed to estimate your equity and all 3 of those factors can fluctuate up or down.
Real estate values as a whole, have been climbing since COVID and here in North Georgia my buyers have experienced slim-pickens at every turn throughout their buying journey because inventory is low and the demand for homes is high. Long time homeowners on average still can sell with an ample amount of equity.
If you have thought about selling or if an elderly loved one is in need of transitioning into a safer, smaller home, it is important to know what equity you have available in the property and understand what the market is doing at the time you are to make your move.
Schedule a call with me today so we can discuss your selling options. As a SRES, Senior Real Estate Specialist I am sensitive to the needs of our elderly loved ones and will help you make the best choices for them and for your families peace of mind.