Home Equity Explained: How to Calculate It and Use It When Selling in Deltona or DeLand
If you're thinking about selling your home in Deltona or DeLand, one of the most important things to understand is home equity. It’s more than just a real estate term—it could be the key to your next move, your retirement savings, or even your next investment.
Let’s break it down in simple terms.
What Is Home Equity?
Home equity is the difference between what your home is worth and what you still owe on your mortgage.
For example:
If your home in Deltona is worth $320,000 and your mortgage balance is $210,000, your equity is $110,000.
In short:
Home Equity = Market Value – Mortgage Balance
Why Home Equity Matters When You Sell in Deltona or DeLand
The more equity you have, the more money you’ll likely pocket after selling. This can help:
Buy your next home with a bigger down payment
Pay off debts or invest
Cover moving and closing costs
In cities like Deltona and DeLand, where home values have been rising, many homeowners have more equity than they realize.
How to Calculate Your Home Equity
Step 1: Find Your Home’s Current Market Value
Use recent comparable sales in your neighborhood
Get a free home value estimate from a local agent (like us at MainStreet Realty)
Consider a professional appraisal for a precise number
Step 2: Subtract Your Mortgage Balance
Check your most recent mortgage statement or online account to see what you still owe.
Formula Example:
Home Value
$300,000
Mortgage Balance
$185,000
Estimated Equity
$115,000
Ways to Use Your Equity When Selling
1. Put Toward Your Next Home
Use it as a down payment to upgrade or downsize in Central Florida.
2. Pay Off Debts
Clear credit card balances or personal loans before moving.
3. Cover Closing Costs
Use equity to pay for agent fees, repairs, or moving expenses.
How to Build More Equity Before Selling
Even if you're not quite ready to sell yet, you can increase your equity over time:
Make extra mortgage payments
Keep up with home maintenance
Renovate or update kitchens, bathrooms, or curb appeal
Let the market work in your favor (home prices in Deltona and DeLand have seen steady growth)
Should You Sell Now in Deltona or DeLand?
If your equity is strong and you're ready to move, now might be the perfect time.
Inventory remains tight, and buyers are looking—especially in Central Florida suburbs like DeLand and Deltona.
MainStreet Realty can give you a free home equity and market value analysis to help you decide.
Frequently Asked Questions About Home Equity
What is home equity in simple terms?
It's the part of your home you truly "own"—the value minus what you owe on your mortgage.
How do I access my equity when selling?
When you sell, the equity becomes your profit after paying off the mortgage and fees.
Is home equity taxable when I sell?
Not usually. If it's your primary residence and the profit is under $250,000 (single) or $500,000 (married), it's generally tax-free.
Can I sell if I have low equity?
Yes, but your profit will be smaller. If your equity is too low, you may need to wait or negotiate with your lender.
FAQs About MainStreet Realty
Who is MainStreet Realty?
We’re a locally owned and trusted real estate brokerage helping buyers and sellers across Deltona, DeLand, and Central Florida.
Do you offer free home evaluations?
Yes! We provide no-obligation equity and home value reports so you can make informed decisions.
Can you help with buying after I sell?
Absolutely. We’ll guide you through selling and buying smoothly—especially within the same market.
Final Thoughts
Understanding your home equity can make a big difference when it's time to sell. Whether you live in a family home in Deltona or a cozy bungalow in DeLand, tapping into that equity wisely can set you up for your next chapter.
Ready to find out your home’s equity?
Contact MainStreet Realty for a personalized report and expert advice.
Email: [email protected]
Address: 2 Volusia Drive Debary, FL, 32713
Phone Number: Orlando: 407-789-0925 | Volusia: 386-259-2426 | Lake:352-729-1425
