Feeling rich yet? Metro Detroit home owners, buyers may see increased equity, wealth
According to a recent national study, Metro Detroit and Michigan home owners and buyers can look forward to a bigger bang for their housing buck.
Home owners are getting better return on investment
Thinking about buying a home? Here’s an excerpt from an article entitled “Home Owners Should Feel Twice as Rich” in the November 2016 issue of Realtor Magazine:
Thanks to rising home prices, home owners are getting richer, a new study says. The amount of homeowner equity has doubled in the last five years, according to CoreLogic’s latest Home Price Index and HPI Forecast for September 2016.
“Home equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” says Frank Nothaft, chief economist for CoreLogic. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per home owner, but with wide geographic variation.”
Home owners nationwide likely are to see even more equity in the coming months, too.
“Home-price growth creates wealth for owners with home equity,” says Anand Nallathambi, president and CEO of CoreLogic. “A 5 percent rise in home values over the next year would create another $1 trillion in home equity wealth for home owners.”
Source: CoreLogic and “Home Owners Twice as House Rich as Five Years Ago,” CNBC (Nov. 1, 2016)
Home buyers in Metro Detroit: I can help you!
Let me, Birmingham, Michigan real estate agent Lisa LaBelle guide you through buying a new home in southeast Michigan. I also help people buy homes in West Bloomfield, Bloomfield Hills, Bloomfield Township, Royal Oak, Troy, Rochester, Rochester Hills, Oakland Township, and around Oakland County. Contact me or call me direct at (248) 470-0474.