HOME EQUITY
Are you curious to find out what’s the equity level of your home today? My name is Danny and I’m an investor. I’ll just share what I know.
The current market value in Burnaby, British Columbia for your home or in Canada minus what you owe the bank would be your equity in your home.
Now we see negative equity. We see low equity, and we see high equity. I won’t explain high equity in depth, because I guess you would Google it and you already know, but I’ll just touch on it.
WHAT IS HIGH EQUITY?
If you purchased a house for $1 million in Burnaby, British Columbia five years ago, and with the current market, It may be 1.4 million Canadian dollars. You know that your equity is $400,000.
WHAT IS LOW EQUITY?
But what a lot of people don’t know is negative equity and low equity in Burnaby. So let me touch on low equity first. Low equity is when you purchase your house for $1 million in Burnaby, British Columbia, five years ago but the market today is at 1.1 million. Today, your equity is low. You have a hundred thousand dollars
($100,000) in your home as equity.
WHAT IS NEGATIVE EQUITY?
Negative equity is if you purchase your house at $1 million, you paid your mortgage down to maybe $500,000, but the market value of the house today is $450,000 in Canada. So the value of the house is $450,000 today, but you owe the bank 500,000. That is negative equity.
And what a lot of homeowners don’t think about is when they sell their house with a realtor, they’re gonna pay realtor fees.
So if your house is $500,000 and you’re gonna sell your house in the market for $450,000, you’re actually losing $50,000 from your pocket. You’re paying your realtor another $25,000, and you might be paying a little bit more on staging costs, so you actually are paying out of pocket to sell your house. Now what you could is simply sell your house to investor like us and you could go to www.webuyanyhousesca.com and submit a form. Once we receive it, we will call you and we will have a chat with you.
Now, our motive is not to buy from you $400,000. Our motive here is to show you how you don’t lose that money. And I believe educated investors know this. In today’s current market position, and we are expecting a cooling market, and that’s not really the best. Selling a house or property in Burnaby, is not like a secondhand car that you can sell overnight.
I hope this video helped you and stay tuned for my future videos. Thank you.