Have you been wondering what the equity is in your home? The first thing to do to determine this is to get the market value of your home. Once you have this knowledge, you will total up your mortgage(s) and any liens in place on the property. The last step is subtracting the total mortgage and any liens from your home value.
The equity in your home is not a constant, however. It changes based on your home's value, market conditions and the terms of your mortgage. You can also increase your home's equity by making improvements that increase its value. The tricky part is, however, that renovations rarely bring a full return on the dollars invested. Because of this, one needs to be careful to not overimprove for a neighborhood, but instead aim to bring the home up to the same level as the other homes on the block.
Contact us today and we will have one of our agents do a complimentary market analysis on your home! Home values in our area are great right now and with the spring market upon us, now is the perfect time to list your home!