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New year, new house? It’s officially 2023 and if you’re thinking about moving this year, we can help you buy or sell in Philadelphia. If you are considering selling, you might be wondering how much your home is worth right now and how much equity you have. We have a tool that can tell you that in just seconds. And it’s completely free!
Here’s what you can find out in our home valuation report:
The estimated value of your home
How much equity you have & how you can use that equity
How much you’ve paid towards principal vs interest
Refinancing options
How much you could afford if you bought another home
How much you could earn if you rented out your home
And more!
Here’s a preview of what your report will look like:
What is equity?
Equity is the difference between what you owe on your mortgage and what your home is currently worth.
Home equity is the value of your ownership stake in your home. You can calculate it by subtracting the amount you owe on all loans from the property's market value.
If you owe $100,000 on your mortgage loan and your home is worth $200,000, you have $100,000 in equity.
Why Sell Now?
Right now we are seeing higher mortgage rates, but the demand is still there. It might not be the frenzy we saw a year ago with bidding wars and homes flying off the market in 24 hours, but that doesn’t mean it’s not a good time to sell. There are a lot of buyers looking right now because the demand has leveled out. The market is shifting more towards a neutral market which means both buyers and sellers have opportunities up for grabs. However, there is one thing that is extremely important if you are going to sell right now. Hiring a real estate expert is essential. A real estate agent knows the local market like a pro and will be able to advise you on things like pricing, exposure, marketing tools, negotiations and maximizing the pool of buyers. Bottom line: no one knows exactly what is going to happen this year with the real estate market. A lot of it will be determined by mortgage rates and those rates will be determined by inflation. We don’t have a crystal ball to know what is going to happen, but leaning on an expert real estate agent is the best thing to do.
If you have questions about your report and want to talk about potentially selling your home, give us a call! We have fantastic agents ready to help you through the entire process.