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If you are a homeowner, then you probably know what home equity is. If you don’t know, home equity is the difference between what you owe on your mortgage and what your home is currently worth. This is a powerful tool for homeowners and, good news; it’s likely that your equity grew within the last year. A home equity insight report from CoreLogic shows that homeowners gained an average of $51,500 in home equity in the past year!! Wow!

If you did want to use this equity growth to your advantage and sell your home, here are some ideas!

1. Find a Home that Fits your Needs
This may be something smaller or something larger. Either way, think about whether your current home meets your needs. Whether your wish to get a larger home or downsize, the growth in your equity can give you the boost you need to make that dream come true.

2. Location!
Are you currently living in your dream location? We live in a beautiful area with beaches, history, quiet and liveliness. Are you exactly where you want to be? Or is there another part of the NC east coast that catches your eye? With the increase in equity, it may be the perfect opportunity for you to make that jump.

3. Start a New Business
Although it’s not typically advised for homeowners to use equity for unnecessary spending, starting a business could be beneficial to continue your financial growth. Millions of small business owners have started their business with the equity they had in their home!

4. Education
Invest in a future! Use your equity to pay for college; either for yourself or someone you love. School can be expensive, so why not use the growth we’ve seen in the past year to assist you in the expenses.

It’s amazing to specifically see how real estate helps homeowners build wealth and the doors it opens for families. Real estate gives us opportunities for growth that we may not otherwise have.

These are just a few of things that you can use that equity boost for! Unsure of how these processes work? We are here to help and answer all of the questions you have. Unsure about how much equity you currently have in your home? We can help with that, too! Let’s connect today and discuss equity and what options may be best for you during this unique market!