What’s critical to your financial health? Equity review on your home

May 02, 2023

The real estate market, like the weather – for the most part, is heating up, and homeowners are taking advantage. More than 132 single-family homes in the greater Sioux Falls area went on the market in the past two weeks, which is just in time for our buyers who have been eagerly waiting.

As a homeowner, it’s important to understand the market value of your home, especially if you’re considering making a move. One way to do this is by conducting an equity review on your home. This process can help you determine how much equity you have in your home, which can be an important factor in deciding whether to sell your home, invest in rental property or make home improvements.

Recent data shows that home prices appear to have bottomed out and are now on the rise again. According to Selma Hepp, chief economist at CoreLogic, “U.S. home prices rose by 0.8 percent in February, indicating that prices in most markets have already bottomed out.” This means that if you’re thinking of selling your home, now is the perfect time to do so. In Sioux Falls, for example, the median sales price increased by 6.1 percent from March 2022 to March 2023.

Knowing the equity standing in your home also can help you make informed decisions about how to make your money work harder for you. Building wealth through real estate is critical to growing one’s net worth. Real estate investments offer numerous benefits such as steady cash flow, appreciation and tax benefits.

By owning a property, individuals can generate income through rent, which can provide a steady stream of cash flow. Over time, as property values appreciate, the equity in the property also can increase, further boosting the overall net worth of the individual. Additionally, tax benefits such as deductions for mortgage interest and property taxes can help to reduce the tax burden and increase the amount of income retained by the investor. With the potential for long-term financial gain, investing in real estate is a smart way to build wealth and secure a stronger financial future.

With home prices still on the rise and the rental market in Sioux Falls remaining incredibly hot, investing in rental property can be a far better place to put your money right now than many other investments. This is especially important to consider given recent changes in the stock market, which has seen an extreme downturn.

At Amy Stockberger Real Estate, we understand the importance of having a comprehensive strategy for each stage of the homebuying and selling process. That’s why we offer a Lifetime Home Support™ model that ensures we have a system and strategy for each of our clients.

Whether you utilize our maximum value program – which includes strategic pricing, home staging, highly specialized marketing strategies and unparalleled word-of-mouth marketing to get you top dollar – or one of our maximum convenience programs such as our Instant Offer or Guaranteed Sales Program, Amy Stockberger Real Estate has a proven system to help you achieve your goals.

In summary, conducting an equity review on your home can provide valuable insights into the current market value of your home, as well as help you make informed decisions about how to make your money work harder for you.

At Amy Stockberger Real Estate, we’re here to help you every step of the way with our comprehensive Lifetime Home Support™ model and proven success strategies. Contact us today to learn more.

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