Let’s work through the process and discover how home equity can empower you next move in Metro Detroit.
Discover How Home Equity Can Empower Your Move
There are many reasons you might be considering selling your home in Metro Detroit. Whether you’re downsizing, relocating, or ready for a change, you might wonder how to handle today’s housing market. One big question is affordability. The good news? Your home equity could be the key to making your next move a lot easier. Let’s dive into two main factors that affect your home equity.
If you own a home in Metro Detroit, your net worth has likely increased significantly over the past year. Home prices have been rising, meaning you’re building equity much faster than you might think. Here’s how it works.
- Understanding Equity: Equity is the current value of your home minus what you owe on your mortgage.
- Why Equity is Rising: Over the past year, we have had a higher demand of buyers wanting to purchase a home than the supply of homes available for sale. This high demand has pushed prices up. That rise in prices has directly increased homeowners’ equity.
How Long You’ve Been in Your Home
The first key factor is how long you’ve lived in your home, also known as homeowner tenure. From 1985 to 2009, the average homeowner stayed in a house in Metro Deroit for about six years. However, according to the National Association of Realtors (NAR), that average has increased to 10 years.
Why is this important? As you make mortgage payments and home values rise, your home equity grows. After ten years, those mortgage payments combined with home price increases can result in substantial equity. If you’ve lived in your home for a while, you could be sitting on your gold mine.
How Home Prices Appreciate Over Time
Home prices have risen steadily over time. According to Federal Housing Finance Agency (FHFA) data, home values typically increase the longer you own your home.
For example, homeowners who have stayed in their homes for five years have seen a nearly 60% increase in value. The value has more than tripled for those who’ve been in their homes for 30 years. This appreciation can be a powerful tool when you’re thinking about downsizing, moving to your dream location, or relocating closer to loved ones. Your home equity could make all the difference.
Discover Your Home Equity Gains ~ Let’s find out!
Roll up your sleeves Metro Detroit! This will take a little bit of your time to find out. You will need your last mortgage statement to find your balance. Next is a calculator, and you will want to take notes when we get the Multiple Listing Service (MLS) Sold Home Prices.
STEP #1:
Get an instant Home Valuation Report. This will help you determine a range and give you a starting point.
STEP #2:
Access the Multiple Listing Service (MLS) bridge I created to look up Sold Home Prices by City in Metro Detroit. I’ve provided a how-to video on how to use the MLS. The key here is to compare your home features to those sold. The deeper you dial into the criteria, the more accurate your results will be. Once you have a number you are comfortable with, subtract it from your bank balance. Now you have your “Homeowners Equity Gains.” If you need help, you can schedule an online appointment using the link below. ⤵️
Macomb County Sold Home Price
Oakland County Sold Home Prices
Let’s Decode the Housing Market Together! Let’s Connect ⤵️
Wow 😮, there’s a lot to consider! Whether looking to buy a new home or considering selling in Metro Detroit, keeping up with the latest housing market trends is essential. After all, these numbers impact your decisions. Let’s simplify the process together. Schedule a Zoom call with me, and we’ll review the data. I’ll share my screen so you can see the market insights clearly and feel confident about your next steps.
Final Thoughts
Do you need help estimating how much equity you’ve built and how it can help you with your next move in Metro Detroit? Let’s connect and explore your options. ⤴️
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