What Every Homeowner in South Lake Tahoe Should Know About Their Equity
If you're a homeowner in South Lake Tahoe, you're likely curious about selling your home. Understanding how much equity you have is the first step to discovering what you can afford when you move. Amidst the rising home prices in South Lake Tahoe over the past few years, you may have more equity than you realize.
Here’s a deeper dive into what South Lake Tahoe residents need to know if you’re prepared to leverage your investment and put your equity toward your next home.
Home Equity: What Is It and How Much Do You Have?
Home equity is the financial difference between your house's market value and your remaining mortgage amount. For instance, if your South Lake Tahoe house is worth $600,000, a figure above the national average due to the city's prime location and sought-after real estate market, and you only owe $200,000 on your mortgage, your equity is $400,000!
Recent data from the Census and ATTOM demonstrates Americans, specifically those in South Lake Tahoe, have impressive equity right now. Two out of three homeowners have either completely paid off their mortgages or have at least 50% equity in their homes. Today, more South Lake Tahoe homeowners are getting a larger return on their homeownership investments when they sell. This significant equity could power your next move.
What South Lake Tahoe Homeowners Should Do Next
If you're considering selling your house in South Lake Tahoe, knowing your equity is as well as what it means for your home sale and potential earnings is crucial. Call us today to discover exactly what your home is worth in our current market, and how to leverage your equity into your next real estate investment. The Ascension Real Estate team can give you a clear understanding of your specific situation and guide you forward.
Bottom Line
Home prices in South Lake Tahoe have risen, and your equity likely has as well. Let's connect, so you can determine your home equity and confidently progress with your sale.
