Home Equity Cash Can Help Your Move: Find Your Cashout πŸ’΅πŸ’°πŸ‘

Your home equity cash out can make moving easier. Let’s walk through the steps to tap into your money in Metro Detroit.Β 

Your Home Equity Cash Out for Metro Detroit | Team Tag It Sold

Tap into Your Home Equity Cash

Owning a home isn’t just about having a place to liveβ€”it’s about building financial security over time. One of the most significant benefits of owning property is building home equity; now, homeowners across the U.S. are sitting on record levels of it. If you’re in Metro Detroit and considering buying your next home, tapping into your home equity cash could help you skip a mortgage. Let’s explore how this works and why it could make your next move much easier to manage and more able.

What Is Home Equity, and How Does It Work?

Home equity is the portion of your home’s value that you truly own. It’s calculated by taking your home’s market value and subtracting what you still owe on your mortgage. For example, if your home is worth $350,000 and you owe $100,000 on your mortgage, you’ve built $250,000 in home equity cash. You may be surprised how much home equity cash you have in Metro Detroit.Β 

Why Home Equity Cash Out Is a Game Changer

The financial power of home equity cash can’t be overstated. According to recent data from the Census Bureau and ATTOM Data Solutions, over two-thirds of U.S. homeowners have either paid off their mortgage entirely or have at least 50% home equity.

To put this into perspective, CoreLogic reports that the average homeowner in the U.S. has around $311,000 in home equity cash. That’s a significant amount of money that can be used to fund your next home purchase, whether you’re upgrading, downsizing, or relocating.

More Homeowners have 50 percent of their mortgage paid off | Team Tag It Sold

The Rise of All-Cash Buyers

High levels of home equity cash have led to an increase in all-cash home purchases. According to the National Association of Realtors (NAR), 26% of buyers recently purchased homes outright without a mortgage. This trend isn’t surprising when you consider the benefits:

  • No Monthly Mortgage Payment: Paying in cash eliminates the burden of a monthly mortgage bill.
  • Avoid Interest Rates: Rising interest rates won’t impact you if you buy in cash.
  • More substantial Offers: All-cash offers are often more attractive to sellers, giving you a competitive edge in the housing market.

Imagine purchasing your next home in Metro Detroit without mortgage payments hanging over your head. Using your home equity cash, you could make this scenario a reality.

All Cash Buyer has reached new high | Team Tag It Sold

Step #1 ~ Your Home Equity Cash Out

Let’s get a rough estimate of your home equity cash today. We’ll use an AI-driven algorithm to determine a range. This report will help us proceed to step 2: researching what homes are selling in your area.Β 

Step #2 ~ Access to the Sold Date

You can now access the multiple listing service (MLS) and use the system like a realtor. I provide a how-to video so you can get the most out of your search. The key is to compare apples to apples to determine your home’s value. When you do the math, you’ll know how much home equity cash you have.

Macomb County Sold MLS Data

Oakland County Sold MLS Data

Final Thoughts

Now that you have an idea of your home’s worth review your latest mortgage statement and subtract the two. You have your cash home equity.

The wealth many homeowners have built through equity reshapes how people approach buying and selling homes. For Metro Detroit residents, cash from home equity can help you skip a mortgage, simplify your finances, and potentially make your next move much more manageable.

Ready to explore your options? Start by understanding the home’s equity value. From there, you can decide if buying your next home outright or with a significant down payment is within reach. Whatever your situation, your equity could be the key to unlocking a mortgage-free future.

Leverage your hard-earned equity and confidently make your next move in Metro Detroit. It might just be the wisest financial decision you make this year. If you need help, contact me.

Contact me with any QuestionsΒ 
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ORπŸ‘
Pam Sawyer at Metro Detroit Home Experts - Team Tag it Sold

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The information contained, and the opinions expressed in this article are not intended to be construed as investment advice. Metro Detroit Home Experts ~ Team Tag it Sold does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Metro Detroit Home Experts ~ Team Tag It Sold will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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