Macomb County Michigan: Home Equity Sees a $620 Billion Surge

By: Rick Giese RE/MAX First
 
CLINTON TOWNSHIP, Mich. - Oct. 2, 2020 - PRLog -- Even as we enter real estate's fall season, home equity and demand continue to soar. Given where the year started, the health of the market is certainly something to be excited about!

As the FHFA recently confirmed, in the third quarter of this year, home equity rose 6.5% to the tune of $620 Billion (or $9,800 per home on average).
How incredible is that?

Other interesting stats:
The speed of homes sold: According to Zillow, homes typically went under contract within 14 days, twice as fast compared to a year ago.

The Value of Homes: Zillow also reported the value of homes has continued to rise and is up 5.1% annually.

The demand for homes: It comes as no surprise that demand is outpacing the inventory that's available, something we saw pre-pandemic. That said, even going into the slower seasons there seems to be no sign of demand wavering.

People still want to upgrade their living arrangement, relocate from busy areas, or have a larger home as working and learning remotely become more common.

Strong equity, coupled with the still-low mortgage rates, makes now a great time to consider a move.

If you're thinking of selling, let's connect so you can take advantage of what the current market has to offer today.

When you are ready, we can help you. Looking to sell looking to right size or move up!

As always, reach out to me Rick Giese via phone 586.242.3100, email rick@rickgiese.com, or Facebook MacombCountyLifeStyles.com If you have questions about this or any other real estate topic. I'm happy to help!

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Rick Giese RE/MAX First
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Tags:Record Home Values Increases
Industry:Consumer
Location:Clinton Township - Michigan - United States
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