Homeowner’s net worth in Metro Detroit has soared – find out how this impacts your buying or selling journey in our latest blog post.
Maximize Your Homeowner’s Net Worth
Have you noticed Homeowners’?
The value of homes, possibly yours, has been remarkably rising in Metro Detroit. Consider this if you’re pondering a move: your home equity might be your golden ticket. For those dreaming of a simpler lifestyle or eyeing retirement, this could be your moment to make a move that enriches your future. Want to check a starting point regarding value? Get Your Instant Home Valuation Report and find your home’s starting price point.
And if your current home feels a tad too snug, that increased equity is more than just numbers—it’s a stepping stone to securing a mortgage that lands you in a home tailored to your current needs.
Your Mortgage Balance
Want to know how much equity you could be sitting on? Get your Instant Home Equity Report and the computer will generate an estimate of what homes have sold for in your area. Next, look at your last Mortgage Statement and subtract the Estimated Value from the balance you have your golden ticket number. As you can see by this graph 68.7 percent of homebuyers have paid off or at least 50 percent of their mortgage. Congratulations! Now what would you like to do with your money?
For first-time homebuyers
Here’s a thought to ponder: the Federal Reserve’s Survey of Consumer Finances shows a striking difference in wealth between homeowners and renters. In fact, homeowner’s net worth outpaces renter’s by a staggering margin.
As home prices find their footing, it’s an opportunity for you to potentially grow your wealth, too. The Federal Reserve Board released the Survey on Consumer Finances. Take a peek at the graph below and see the trend for yourself!
The Big Reason Homeowner Net Worth Is So High
In the previous version of that report, the average homeowner’s net worth was roughly $255,000, and that of the average renter was $6,300. But in the release that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report says:
“. . . the 2019-2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.”
Homeowner Net Worth has Grown
Homeowner’s net worth in Metro Detroit has skyrocketed, mainly thanks to rising home equity. During the unique “unicorn years,” home prices soared due to a simple formula: high demand from eager buyers and not enough homes on the market. Plus, record-low mortgage rates added fuel to this fire, driving prices even higher. If you owned a house during this period, chances are, your home’s value grew significantly. As you can see by the graph your net worth is widening. Look at the huge jump from 2019 to 2022. It’s Huge! The average from 2010 to 2019 was $22,500 compared to 141,200 between 2019 and 2022.
If you’re on the fence about buying or renting, you might feel like you’ve missed out on this wealth surge. But hold on—there’s more to the story. As highlighted in a recent article from The Ascent, the real estate market constantly evolves. Let’s dive into what this means for you as a potential homebuyer or seller in Metro Detroit. Stay tuned and make informed decisions for your future!
Will the Home Prices Drop in 2024?
Historically, home prices have climbed over time. Even now that mortgage rates are closer to 7-8%, prices are still rising in many areas of the country because supply is still low compared to demand. That’s why expert forecasts for the next few years call for ongoing appreciation – just at a more typical pace for the housing market.
Understand Where Home Prices Are Going In 2024
Whether you are Home Buying or Home Selling in Metro Detroit, this should be your starting point. Remember, the numbers in the graphs and trends represent your money. Start with the county you live in, then move to your City. The key indicator you’re tracking is the Median home price year over year. Next is the inventory of homes for sale. We are still in the double-digit negative of homes available for sale, homes are still selling between 28-60 days, depending on price range and location, and sellers are still receiving 100+ of their list price today. It is still a solid seller’s market. Can you imagine what could happen when interest rates are lower, and we unleash pent-up buyer demand? It is something to think about.
Know the Facts First
My website connects you to the Multiple Listing Service (MLS) and a treasure trove of helpful information, including Sold Data. You have complete access to better reports than most realtors. I’m here to walk you through the process. 1st up, focusing on Macomb or Oakland County, then you can move on to City trends. Look at your current location, and if you plan on moving to a new location, check the data there as well.
I leave no chance to guesswork. I pull the data, look at the numbers, and report my findings to you so you can make the best decisions based on facts regarding Buying or Selling a home in Metro Detroit. If you need a starting point to see what your home could be worth, you can request your Instant Home Valuation Report and find your home’s starting price point in today’s market!
Whether selling or buying, the current market offers unique opportunities to enhance your financial future in Metro Detroit. I’m creating a video series to help you walk through the process, and we will see many changes in Real Estate in 2024.
I recommend the following links based on importance.
- What is Causing Mortgage Rates to be so High 💥 Watch the Video 💥
- Metro Detroit Housing Market ~ Home Prices and Trends by City 🚀 Full Access to the Multiple Listing Service updated Market Trends.
- Navigating Mortgage Rates ~ Empower your Move💥Weekly Trends & Predictions 💥
We aim to provide you with the information and insights you need to make well-informed choices about your real estate journey, ensuring that your interests are at the forefront of your decision-making process.
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As we move forward, navigating through all the changes has been challenging. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will help you set up your Negotiation Power. Check out our Blog Post categories for additional updates, tips, tools, and strategies.
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