Do you have positive or negative equity in your home? You’d be surprised to learn how many people just don’t know. Let me explain what positive or negative equity is.
Define What Equity Is
Simply put, if you owe more than the house is worth, you have negative equity. Conversely, if you owe less than the house is worth, then you have positive Equity. Doesn’t that sound simple? Of course it is. However, do you know exactly what your house is worth?
What Is the Home’s Value
The easiest way to determine the home’s value is to ask a good Realtor for help. I’ve got great idea, call us, Bunny and Art. After all you’re reading our blog right now. Give us a call. Let us give you an idea of what your home’s value in today’s market. We can also inform you of approximately what it would cost you to sell the house.
What do I mean by this?
You’ll incur certain expenses when selling your home. You’ll have attorney fees, you’ll have the realty brokerage fees, and you’ll have some various taxes. However, by telling you what your home should sell for, and we can tell you what these selling expenses will be, then all you will you need to do is subtract from that number what your mortgage amount is. And then you’ll know if you have positive or negative equity.
And knowing where you stand is a good thing.
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