Home prices have skyrocketed over the past few years around the country. If you own a home, it is likely your home equity has grown substantially. How can you put that equity to use?

If you are interested in moving into a less expensive house, talk to a Realtor and ask them to create an estimated seller net sheet for you. This will let you know how much money you will likely walk away with if you sell. You may be surprised to discover that your home equity could cover almost all, if not all, of your next home’s purchase price.

How Much Equity Do I Have?

Talk to a real estate professional who can help you figure out just how much equity you currently have in your home. Ask your Realtor for a CMA (Comparative Market Analysis), which is a tool used to estimate the value of your property. Once you know how much your home may be worth in the current market, subtract what you owe and the result is your equity. Now you just have to decide what you will do with it!