How Much Equity Do Solon Homeowners Actually Have Right Now?

If you bought a home in Solon anytime in the last seven or eight years, there is a solid chance you are sitting on a significant amount of equity and may not even realize it. Values in this area have climbed steadily, and for a lot of homeowners that means the gap between what they owe and what their home is worth has grown into real money.

So what does that mean for you as a seller? A few things worth knowing.

First, your net proceeds after a sale are likely better than you think. Once you account for your mortgage payoff, closing costs, and any prep expenses, many Solon sellers are walking away with enough to make a strong down payment on their next home or to explore different options entirely.

Second, equity is only useful if you actually put it to work. Sitting on a house that has appreciated is great, but if your life has changed and your home no longer fits, staying put just to hold onto the equity is not always the smartest play. Sometimes the smarter move is to leverage what you have and step into something that better matches where you are headed.

Third, before you make any decisions, it is worth having a real conversation about what your home is actually worth in today's market. Not what Zillow says, and not what your neighbor sold for two years ago. A current comparative market analysis based on recent closed sales in Solon's specific neighborhoods will give you a number you can actually plan around.

The Mike Team has been working in this market for a long time and we do these analyses regularly. If you want to know where you stand, give us a call or reach out through the website.

Ready to make a move in Solon? Call us at (216)373-7727 or visit www.21mike.com to connect with the Mike Team at LPT Realty.