Your Home Equity Gains: Game Changer When You Sell🏠📈

Discover the hidden goldmine in your own backyard in Metro Detroit: your home equity gains offer opportunities. You might be sitting on significant gains without even knowing it. Learn how to understand, maximize, and leverage this asset for your future. Don’t miss out; the opportunity is real!

Your Home Equity: Are You Sitting on a Gold Mine

Your Home Equity Gains: Could This Be Your Lucky Break?

Are you wondering if it’s time to sell your home in Metro Detroit? Even though buying a home is getting a bit easier this year, it’s still a big decision. Yet, diving into your home equity might simplify your decision. Let’s break it down with help from a Bankrate insight:

“Think of home equity as the part of your home’s value that’s all yours. It’s what’s left after you subtract what you owe on your mortgage from your home’s current value. When you buy your home, your down payment is your first stake in your equity. Every mortgage payment you make after that increases your equity bit by bit. Plus, as your home’s value goes up over time, so does your equity.”

Your Home Equity Puzzle

Seeing equity as an easy math puzzle can help. It’s your home’s current value minus your mortgage balance. And here’s a little secret: Your equity might have grown more than you imagine in Metro Detroit.

Metro Detroit Home Prices and Real Estate Trends Direct from MLS | Team Tag It Sold

With home prices soaring in recent years, your home’s value and stake in it have likely surged. You might be sitting on more equity than you thought. Not sure what your home is worth in today’s market? Get your instant report and find out! 🏡💰.

How To Make the Most of Your Home Equity Right Now

If you’re thinking about moving, the equity you have in your home could be a big help. According to CoreLogic:

“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”

Clearly, homeowners have a lot of equity right now. The latest data from the Census and ATTOM shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means roughly 70% have a tremendous amount of equity right now.

Unlocking Your Home Equity Cash: How Will You Use It?

Have you ever thought about the power locked in your home equity? It’s like a key unlocking door to your next home. Let’s check it out:

  • Become an All-Cash Champ: Have you been in your home for years? You might be sitting on a goldmine of equity. Imagine buying your next home with cash. No loans, no fretting over mortgage rates. Just you, stepping into your new home, stress-free. Why? Because cash talks. In a hot market, it’s your best move to outshine other buyers and save a bundle on interest. Yes, cash purchases can be a game-changer.
  • Boost Your Down Payment: Or, turn that equity into a hefty down payment for your next purchase. More equity means less hassle. It’s simple – a more significant down payment often snags you a better Mortgage Rate. 

Discovering Your Equity Is a Breeze:

Are you curious about home equity? First, you can request your home equity report now.

Second, you can access the Multiple Listing Service (MLS) through my backdoor account and look up what homes are selling for, even in your neighborhood. Check it out!

Macomb County Sold Homes ~ Direct Access to the Multiple Listing Service

Oakland County Sold Homes ~ Direct Access to the Multiple Listing Service

Ready for a Smooth Move?

Your home equity is your secret weapon when buying a home in Metro Detroit. Connect with me, and let’s explore how your equity can smooth the path to your next adventure. To stay current, consider signing up for our newsletter. We’ll inform you about the latest trends and updates in our local real estate market. Don’t wait. Your dream home journey starts now.

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Pam Sawyyer @ Metro Detroit Home Experts

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