Watching the Stock Market? Worried about the headlines & Housing Market? Stay focused on the good news, your home equity in Metro Detroit MI.
While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.
Equity is the current value of your home minus what you owe on the loan.
Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while rising inventory and mortgage rates have cooled the market some in recent months, home prices nationally remain strong.
That’s why, according to the latest Homeowner Equity Insights from CoreLogic, the average homeowner equity has grown by $60,000 over the last 12 months. While that’s the national number, if you want to know what happened, on average, over the past year in your area, look at the map below from CoreLogic:
Why This Is So Important Right Now
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), helps explain why this matters so much today:
“. . . the decline in the stock market has dented overall net wealth. It has fallen by $6 trillion from the first to the second quarter. Only housing wealth has held on, with homeowners’ real estate wealth (home value minus mortgage balance) rising by $1.2 trillion.”
While equity helps increase your overall net worth, it can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
Step #1~ Marketing How to Sell Your Home for More Money
💥 Important 💥 Know how to separate your home from the competition
I’ll walk you through each step on how to use influence to sell for top dollar vs. Post and Pray. Post and Pray rely on exposure only from the Multiple Listing Service, Zillow, and Realtor. Com’s. The only way you are going to compete with the other homes for sale on these platforms is by price, not value.
Even in a Sellers’ Market, Marketing your Home is very important. Think Amazon…getting your home in front of buyers looking for what you are selling. You need to stay in front of all potential buyers. They may not even know they want to move. I’ve sold many homes over the years to buyers that we not looking or planning to move. So, they were not working with a realtor or going on the public website either. They saw the home in a marketing campaign, saw the value, and paid top dollar because the home was perfect for them. The right Marketing and Advertising are essential to influence buyers = more money. 💰
If you find this information useful, like it and share it with your friends and family.
Step #2 ~ Live 3-Year Graph for Home Prices and Trends by City
💥 Important 💥 Know Your Numbers…It represents your Money! This is Where You Track Home Prices and Housing Inventory Levels (Supply and Demand) by City, & updated monthly by the 15th. You have direct access to all data from the Multiple Listing Service because I programmed it that way 🤩
Whether you are Home Buying or Home Selling, this should be your starting point. Remember, the numbers in the graph and trends represent your money. Spend less when buying and make more when you sell. As a programmer, you have full access to everything in the multiple listing service on my website.
You don’t need a realtor to access the data. Before you start working through the 5 steps, start with understanding the difference between Price-Driven Approach vs Value-Driven Approach.
I recommend working through each of the 5 Steps
It has everything you need to determine the Market You’re In and review your city’s 3-year live trends regarding home prices. Better yet, you can even review Sold properties and not rely on online estimates. I’ve provided additional videos regarding the housing market and how you can benefit from all the tools on this page. Whether you’re selling or buying real estate now or later. I recommend keeping up to date and protecting your real estate investment. It’s essential to follow the Housing Market Trends for Metro Detroit and know The Market You’re In, and it’s the only way you’ll know your true Negotiation Power.
Step #3~ Your 🔑 To Home Selling and Buying Success ~ Safe e-Guides
💥 Important 💥 Your Guides also have educational videos and links regarding where home prices are heading, mortgage rates, Housing Market Trends, and more.
Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process. It also involves the most significant financial transaction you probably will make in your lifetime.
Get Both Your Home Buying and Selling Guides
Your Buying Guide…will walk you through tips, strategies, and how to understand the numbers to strengthen your negotiation power.
Your Selling Guide…It will help you work through the selling process using the latest in high-tech market tools, so you make MORE Money. Our goal is to separate your home from the competition and keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home.
Step #4 ~ Look up Sold Data by your location.
💥 Important 💥 Modify your search and select home criteria closest to the features and benefits of your home to compare.
You Have Direct Access to the Multiple Listing Service to Look Up Sold Data. You don’t need a realtor to find Sold Data from the Multiple Listing Service.
When I started in real estate 22 years ago, I found many homeowners and home buyers were relying on their agent regarding Price vs finding an agent that will help them work through the education process regarding Value. See the difference between Price Driven Approach vs Value Driven. One thing I learned is that numbers do represent your money. Either you leave money on the table for the buyer when you sell or spend more than you should when you buy. Agents pick the houses and bring you the comps and recommend a price based on the data they pulled; vs. you have the access to the data and work through the process of value together and you select the best price for your home, not the agent. You have options to double-check the numbers, it’s your money.
Bottom Line: Your Home Equity Good News
There’s volatility in today’s stock market, but home equity is still incredibly strong. To find out just how much equity you have in your current home, let’s connect.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Take a peek into my crystal ball…review the Housing Market Prediction Report eGuide. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Housing Market | Home Buying | Selling for More Money
Have Questions?
Contact information below 👇 including sending a text message or Chatbot 🤖 at the bottom right. Would you mind sharing your thoughts below or what future article you would like to see in the comments? Your opinion is important to us…. this site is for you.🤩 To Keep up to date request our 🏡 Chat Newsletter.
Scroll Down for Testimonials
Leave a Reply
You must be logged in to post a comment.