Equity is the difference between what your home, condo, or investment is worth and the amount of money you owe on it.

One reason you will want an annual equity review is to have a current and accurate range of what your home is worth in today’s market and how long it could take to liquidate if needed. A lot can change in a year, when it comes to the Alaska Real Estate market, knowledge is power.

The next reason you will want an annual equity review, is to know how much dead equity you may have in your home. If you have equity in your home, you might want to explore a home equity line of credit, to pay off high interest debt or use the equity to invest in something that will provide you with a higher rate, or return on your money.

The final reason, and maybe the most important reason for an annual equity review is to confirm that you are not under-insured and exposed. In just the last two years alone, home values in Anchorage have increased by an average of 7.25% per year and many property owners are underinsured. In the event of an unforeseen disaster, this could leave you in a position of spending thousands of dollars to recover.

If you, or someone you know, would like me to prepare an equity review, or offer any other assistance, please reach out to me via email kolby@marycox.net or 907.887.6133 I look forward to connecting with you.