Know How Much Your Home is Worth
How much your home is worth today?
Selling your home is a big deal—thereʼs a lot on the line. Obviously, youʼd like to know if your home will sell for enough money before planting a “For Sale” sign in your yard. So letʼs do a little math to figure out how much you can expect to make by selling your home.
First, determine how much equity you have. Equity is how much of your home you actually own, as opposed to what your lender owns.
To calculate equity, simply subtract your mortgage balance from the current market value of your home.
Now we need to factor closing costs into the equation since they cut into your proceeds of the overall home sale. These typically cover fees like agent commission, title insurance and prorated interest and taxes. A sellerʼs share of the closing costs is typically 1–3% of the homeʼs sale price.
Thatʼs a pretty solid down payment for your next house. But you donʼt want to work off a rough guess. Figuring out how much your home is worth is a job that calls for a pro!
A real estate agent knows firsthand what buyers are paying for similar homes in your area. Ask an experienced real estate agent for a free comparative market analysis (CMA) to ensure youʼre working with accurate numbers.
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