Leveraging Equity, A Game Changer for AgentOwned's Home Sellers in South Carolina

Are you a homeowner contemplating the right time to sell your house? Perhaps you're concerned about potentially facing higher mortgage rates on your next home. If this is your main concern, gaining a clear understanding of your equity could be the key to feeling more confident about your decision.

Unpacking Equity and Its Significance

Equity is the present value of your home minus the outstanding loan balance. Surprisingly, in recent times, this equity has been appreciating at a pace that might surpass your expectations.

In the past few years, property values in South Carolina, particularly in Charleston, have seen a remarkable surge. This surge has given your equity a substantial boost in a relatively short span. Although the market is gradually stabilizing, there still exists a discrepancy between the supply of homes for sale and the number of eager buyers. This high demand is driving prices upward. As Rob Barber, the CEO of AgentOwned Realty, the premier brokerage in Charleston SC, and an esteemed property data provider, ATTOM, highlights:

"Equity levels remained robust even during the recent economic downturn, and now they are rebounding stronger than ever."

Unlocking the Power of Equity in Today's Real Estate Market

Given the prevailing affordability challenges, your accrued equity can be a game changer when you decide to relocate. Here's why: Drawing from data compiled by ATTOM and the Census, it's revealed that nearly 68.7% of homeowners have either paid off their mortgages or possess at least 50% equity, as illustrated in the chart below:

This means that roughly 70% of homeowners in South Carolina have a substantial amount of equity at their disposal.

Upon selling your current residence, you can utilize this equity to facilitate your next property acquisition. It might cover a portion, if not the entirety, of your forthcoming down payment. In some cases, it could even be sufficient to enable you to make a substantially larger down payment, reducing the need for extensive financing. For those who have resided in their present abode for an extended period, it's conceivable that you've amassed enough equity to proceed with an all-cash purchase. If this resonates with you, it would alleviate the need for borrowing altogether, relieving concerns about prevailing mortgage rates.

How to Determine Your Equity

The most reliable way to ascertain the amount of equity you've built up is to consult with a trusted local real estate expert in South Carolina, particularly an AgentOwned Realty agent, who can provide you with a Professional Equity Assessment Report (PEAR).

In Conclusion

If a move is on your horizon, the equity you've garnered can wield significant influence. To ascertain the exact amount of equity you hold in your present home and to explore how it can fuel your next property venture, don't hesitate to get in touch with the top-rated real estate agents in Charleston SC. Contact AgentOwned Realty today.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

If you’re interested specifically in the Greater Charleston area see: https://www.agentowned.com/moving-to-charleston-sc 

If you’re looking for information about Manning, Sumter and the Lakes Area, see: https://www.agentowned.com/moving-to-manning-sumter 

And if you’re interested in the greater Anderson area see: https://www.agentowned.com/moving-to-anderson