Regardless of whether or not you plan to sell your home anytime soon, it’s always a good idea to know how much your home is worth. In a real estate market like today’s, you most likely have more equity in your home than you think.
Equity is defined as the difference of the home’s fair market value and the outstanding balance of all other debt on the property. Homeowners with significant equity (more than 20%) are in a position to upsize or downsize with ease to better fit their current situation, or purchase a vacation home.
Having 20% or greater equity can also mean you can remove your principal mortgage insurance (PMI), saving you money over the term of your loan.
Several factors are considered when determining the value of your home. These include market conditions (how much inventory is in the market at a given time), neighborhood and proximity to schools, shopping, etc., age and condition of your home, square footage, and recent home sales and current homes for sale. While you can go to shorewest.com and easily get an instant home value estimate, a Shorewest, REALTOR® will provide the most accurate assessment based on the above factors and local real estate market. Contact one of our REALTORS® today to find out how much equity you have in your home, and see what it can mean for you.