Building equity is one of the primary financial benefits of homeownership. You don’t notice it while it’s happening, but if all goes well, you end up with a significant asset that you can use for almost any financial need.
It’s true that today’s persistently low inventory is offering sellers an advantage even outside the typical spring home-selling season, but there is more that smart sellers need to keep in mind when it comes to timing the market.
In the simplest terms, home equity is the difference between what you owe on your mortgage and your home’s current market value. If you owe $100,000 on your mortgage and your home is worth $400,000, then you have 75% home equity. Conversely, if you have a remaining mortgage balance of $300,000 on your $400,000 house, you have 25% home equity.
Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.
Open house season is upon us! Whether you’re buying or selling, here are five tips to keep in mind as you plan your weekends around open houses. By following these basic steps, you’ll be destined for open house success!