Contemplating on moving now the mortgage rates are lower. Find Your Home Equity Gains in Metro Detroit and how the gains can help you move and stay on budget.
Update with New blog post and graphs.
Find What Your Home Equity Gains Are in Metro Detroit
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.
What is the Average Rising Home Equity Gain in Michigan
According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 nationally in the last year alone. As you can see by the map, Michigan’s average homeowner equity gain was $20K.
What If You Bought Your House Before the Pandemic?
The equity news is even better if you purchased your home in Metro Detroit before the pandemic. Data from Realtor.com shows that home prices have increased by 37.5% from May 2019 to May 2024, meaning your home equity gains are significant. Ralph McLaughlin, Senior Economist at Realtor.com, states:
“Homeowners have seen extraordinary gains in home equity over the past five years.”
To give context on how much equity can accumulate over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:
“With home prices continuing to reach new highs, owners are also seeing rising home equity gains approach the historic peaks of 2023, close to a total of $305,000 per owner.”
How Much Home Equity Gains Do You Have? Let’s find out!
Roll up your sleeves. 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 of homes 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
How Your Rising Home Equity Gains Can Help You
The significant equity built up from skyrocketing prices a few years ago and ongoing price growth today has substantial benefits.
You could use this equity to start a business, fund education, or even help you afford your next home. When you sell, the equity you’ve accumulated returns to you and could cover a significant portion – or even all – of your next home’s down payment.
Final Insights
If you plan to move in Metro Detroit, the equity you’ve gained can greatly help. If you need help finding out your home equity gains, let’s connect⤵️
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.
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