Avoid Undermining Your Home’s Equity

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Currently, our marketplace needs more listings. Inventory is low. Many homeowners don’t realize they’re in a positive equity position. If more people understood this, I think they’re more prone to sell and find their dream home.

Here’s what we like to call PEAR: Professional Equity Analysis Review. How much equity do you have? Reach out by phone or email if you’d like to know. We need to know your what your current mortgage balance is. We’ll conduct a quick CMA with that information. This brings you to understanding what your home is actually worth!

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72.6% of Americans have 20% or more in home equity.

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Let’s look at the percentage of homes with positive equity, ranked by state. The vast majority of the country experiences great home equity. 30% of homes don’t even have a mortgage. In a graph of the country’s homes with significant equity, we notice home values on the rise compared to just a few years ago.

Sellers can use that equity for a variety of different reasons, but many don’t even know they have it. In a recent study, 37% of Americans believed they had 20% or greater in terms of home equity. In reality, the latest numbers reveal 72.6% of Americans have 20% or more in home equity.

If you’re thinking about buying or selling a Southeastern Michigan home, give me a call or send me an email! I’d be happy to help you.

Foot Traffic Is Up in the Southeastern Housing Market

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

Recently, Freddie Mac said, “Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 . . . Challenges remain, however, with housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”

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Buyer demand is incredibly high.

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You can see this in the numbers. Home sales are up year over year. The thing that’s probably most exciting right now is the foot traffic report. Foot traffic is a tabulation of how many people are out there right now walking through houses and considering whether or not they are going to purchase.

This year, the February foot traffic numbers skyrocketed past January and December. In fact, buyer demand was 37% higher this February than it was in February of 2016.

That should not surprise anyone. A recent survey shows that Americans see owning a home as a place to raise a family, an investment, and reaching a life milestone. 

If you have any questions, give me a call or send me an email. I would be happy to help you!