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Home Equity is back in the great state of Texas. In Texas, 87% of homeowners have equity in their home, but only 37% know it. I spend a lot of my time talking with sellers helping them understand that they do have equity in their home.
Why is having equity in your home a good thing? It’s important for several reasons. With only 37% of the people knowing about this home equity, the rest are missing out on a strong financial pillar they could use for them and their family. They can take out a home equity loan and use it in three major ways:
- Pay for college.
- Update your home. Kitchens always need updating. Ditto for bathrooms, bedrooms, fences, back patios, etc.“
Your home equity can
help you pay for updates or moving
into a bigger house.
” - Move into a larger home. I’m currently working with two sellers who are going to take their equity and parlay it into their next property because the sizes of their respective families have changed. With interest rates holding steady below 4%, they’re able to take that equity and make it work for them by moving into a bigger house and moving into an area they want to be in.
If you have any questions about your equity, please contact me at (214) 801-1393. I’d be happy to sit down with you and go through all of these scenarios in detail and show you how home equity can work for you. Remember, who you work with matters.
