03/13/23 | Kip Barnard
Leveraging your equity can help you get the most out of your investment when you sell your house in San Jose. Whether you're making upgrades, pricing your home correctly, staging your home, paying off debts, or investing in another property, using your equity strategically can help you increase your net proceeds and move on to your next adventure.
If you're thinking about selling your house in San Jose, you might be wondering how to get the most out of your investment. One way to maximize your profit is to leverage your equity. Equity refers to the portion of your home that you own outright, without any debt. By using your equity strategically, you can increase your net proceeds when you sell your house.
Make upgrades and repairs: By using your equity to make upgrades and repairs, you can increase the value of your home and attract more buyers. Some upgrades that can add value to your home include kitchen and bathroom renovations, landscaping, and adding a deck or patio.
Price your home correctly: Pricing your home correctly is crucial to attracting buyers and getting the most out of your investment. A real estate agent can help you determine the fair market value of your home based on its location, size, and condition.
Stage your home: Staging your home can help potential buyers envision themselves living in the space. By using your equity to hire a professional stager, you can create a warm and inviting atmosphere that will make your home more appealing to buyers.
Pay off debts: If you have outstanding debts, using your equity to pay them off can help you increase your net proceeds when you sell your house. This is because you'll have fewer expenses to cover when you sell your home, which means more money in your pocket.
Invest in another property: If you're planning to buy another property after you sell your house in San Jose, you can use your equity as a down payment. This can help you secure a better interest rate and reduce your monthly mortgage payments.
If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the U.S. Census Bureau and ATTOM, the majority of Americans have a substantial amount of equity right now (see graph below):
And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, explains:
“Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.”
Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward paying for your next home.
Leveraging your equity can help you get the most out of your investment when you sell your house in San Jose. Whether you're making upgrades, pricing your home correctly, staging your home, paying off debts, or investing in another property, using your equity strategically can help you increase your net proceeds and move on to your next adventure. Let’s connect today so you can find out how much home equity you have and start planning your next move.