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