What Every Homeowner Should Know About Their Equity
Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize. Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home. Home Equity: What Is It and How Much Do You Have? Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000. Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below): Today, more homeowners are getting a larger return on their homeownership investments when they sell. And if you have that much equity, it can be a powerful force to fuel your next move. What You Should Do Next If you’re thinking about selling your house, it’s important to know how much equity you have, as well as what that means for your home sale and your potential earnings. The best way to get a clear picture is to work with your agent, while also talking to a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward. Bottom Line Home prices have gone up, which means your equity probably has too. Let's connect so you can find out how much you have in your home and move forward confidently when you sell.
Win Tickets to our 2024 Iowa State Fair Giveaway
It's time for another giveaway! We are excited to announce that we are giving FIVE lucky winners the chance to win tickets to the Iowa State Fair! In order to enter, see our Facebook post here. Rules & Terms and Conditions Apply. See below. You must be 18 years or older to enter this Zealty Home Advisors Iowa State Fair Giveaway No purchase necessary to win This giveaway is not affiliated with Iowa State Fair or Facebook Winners will be chosen at random. Odds of winning depend on the number of eligible entries The first winner will be picked on August 6, 2024 The second and third winners will be picked on August 7, 2024 The fourth and fifth winners will be picked on August 8, 2024 Winners must pick up their tickets in person at our office on or before August 16, 2024 between 8 a.m.- 4 p.m. If you do not claim your tickets by August 16, other winners will be drawn at random to claim the prize By entering the contest you consent to taking a photo with us to post on our social media pages By entering the contest you consent to us contacting you via email, phone, and text to notify you of your winnings
How Do Presidential Elections Impact the Housing Market?
Are you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move. Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly. According to Lisa Sturtevant, Chief Economist at Bright MLS: “Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.” Presidential elections have only a small and temporary impact on the housing market. If you have questions about what this means for your move, let’s talk. Give us a call at (515) 329-4667 or email us your questions at zelda@zealtynow.com.
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