top of page

Should you consider selling right now?

If you’re a homeowner, you might be torn on whether or not to sell your house right now. Maybe that’s because you don’t want to take on a higher mortgage rate on your next home. If that’s your biggest hurdle, understanding your equity may be exactly what you need to help you feel more comfortable making your move.


What Equity Is and How It Works


Equity is the current value of your home minus what you owe on the loan. And recently, that equity has been growing far faster than you may expect.

Over the last few years, home prices rose dramatically, and that gave your equity a big boost very quickly. While the market has started to normalize, there’s still an imbalance between the number of homes available for sale and the number of buyers looking to make a purchase. And it’s because homes are in such high demand that prices are back on the rise today. Rob Barber, CEO of ATTOM, a property data provider, explains:

“Equity levels were high even during the recent downturn, and now they are going back up and better than ever.”


How Equity Benefits You in Today’s Market


With today’s affordability challenges, that equity can be a game changer when you move. Here’s why. Based on data from ATTOM and the Census, nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity (see chart below):





That means roughly 70% have a tremendous amount of equity right now.


Once you sell your house, you can use your equity to help with your next purchase. It could be some (if not all) of what you’ll need for your next down payment. It may even be enough to allow you to put a considerably larger down payment on your next home, so you don’t have to finance quite as much. And, if you’ve been in your current house for years, you may have even built up enough equity to pay in all cash. If that’s true for you, you’d be able to avoid borrowing altogether, so you wouldn’t have to worry about today’s mortgage rates.


How To Find Out How Much Equity You Have


The best way to learn how much you have is to reach out to a trusted real estate agent for a Professional Equity Assessment Report (PEAR).


Bottom Line


If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect.

 

What is the Market Doing?


 

Escambia County


Escambia

Month

Closed Sales

% Change Year Over Year

​June 2023

513

-13.3

May 2023

501

-14.1

April 2023

​415

-20.5

March 2023

463

-18.1

Feb 2023

345

-22.6

Jan 2023

304

-28.0

Dec 2022

375

-31.7

Nov 2022

321

-31.1%

Oct 2022

438

-15.8%

​Sep 2022

459

-13.1

Aug 2022

518

-2.1%

Jul 2022

505

-9.8%

Jun 2022

592

-3.6%

May 2022

583

16.8%

Apr 2022

522

0.2%

Mar 2022

565

2.5%

Feb 2022

446

14.4%

Information from Florida Realtors

 

Santa Rosa County







Santa Rosa County

Month

Closed Sales

% Change Year Over Year

June 2023

​434

-11.8

May 2023

437

-2.2

April 2023

331

-21.4

​March 2023

404

-12.2

Feb 2023

257

-35.8

Jan 2023

228

-27.2%

Dec 2022

330

-30.2%

Nov 2022

281

-31.3%

Oct 2022

331

-34.5%

Sep 2022

373

-20.1%

Aug 2022

427

-15.3%

Jul 2022

410

-20.1%

Jun 2022

492

-11.5%

May 2022

447

-4.1%

Apr 2022

421

-7.9%

Mar 2022

460

-0.4%

Feb 2022

400

9.6%

Information from Florida Realtors

 


Current Mortgage Rates


 




 



Plum Tree Real Estate Marketing

850.221.6442







 

Start

Done Book
.pdf
Download PDF • 5.23MB

Cary Schmidt's Introduction of Done





 


Gulf Coast Baptist Church Links





 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Skip Geiser LLC. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Skip Geiser LLC. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.


 

28 views0 comments

Comments


bottom of page