How Does Housing Help Build Family Wealth?

       

As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.For example, let’s assume a young couple purchased and closed on a $250,000 home in January. What will that home be worth five years down the road? 

Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.

Over a five-year period, that homeowner can build their home equity to over $40,000. And, in many cases, home equity is a large portion of a family’s overall net worth.

Bottom Line

If you are looking to better your family’s long-term financial situation, buying your dream home might be a great option.

Call me anytime to discuss the real estate market: 313 999-8900

If you like my blog posts, it would mean the world to me if you 

shared it with your friends.

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

Patrice's Web Site

Unparalleled Trust Is Necessary Before Listing Your House

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them?

You must have enough trust in them that you feel comfortable they will accomplish all four things below: 

1. Sell possibly the largest asset your family owns

In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family’s overall wealth. 

2. Set the correct market value on that asset

Pricing is crucial even in the best of markets. You want to get the best price for your home without putting your house at a value that buyers will have little interest in.

3. Set the time schedule for the liquidation of that asset

Your family probably has a certain timetable for the sale of your house and the move into your next home. Coordinating the home selling process to meet certain schedules can be tricky.

4. Set a fair fee for the services required to liquidate that asset

You will need to pay a commission to an agent for selling the home and coordinating all elements of the selling transaction, including possible future negotiations (ex. with a home inspector or appraiser).

That’s a lot of trust. Let’s get together to discuss the difference hiring a true professional can make in the sale of your home.

Call me anytime to discuss the real estate market: 313 999-8900

If you like my blog posts, it would mean the world to me if you 

shared it with your friends.

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

Patrice Miller's Web site

Sell NOW Before Competition Hits the Market

In their current edition of the Home Price Expectation Survey released last week, Pulsenomics asked this question of the 100+ economists, real estate experts and investment & market strategists they surveyed:

“In your opinion, what is the primary driver of recent home value growth in the U.S.?”

Here are the top four reasons given by those surveyed:

As we have stated before, the current lack of inventory in most housing markets has caused home appreciation to increase at greater percentages than historical averages. This means that this is a great time to sell your home as supply is low and demand is high.

However, things may be about to change…

The fortuitous situation sellers see themselves in may soon change for three reasons:

1.     As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.

2.     With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock.

3.     Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.

According to Daren Blomquist, senior vice president of RealtyTrac, in the Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report:

“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory.” 

Bottom Line

In most housing markets, don’t wait for this additional competition to hit the market. If you are considering selling your house, now may be the time.

Call me anytime to discuss the real estate market 313 999-8900

If you like my blog posts it would mean the world to me if you 

shared it with your friends.

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

Patrice Miller's Web site

Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.

CoreLogic, in their most recent National Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).

Other findings in the report:

•          The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage  payment) is 3.1% which is the lowest level since November 2007
•          The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
•          This was the 53^rd consecutive month that showed a decline in the Foreclosure Rate

Bottom Line

Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rear view mirror.

Call me anytime to discuss real estate 313 999-8900

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

Patrice's Web Site

Are you Prepared to Sell your Home ?

Selling your home is usually the biggest single financial transaction you have ever been involved in until this point. When you’ve made the decision to sell your home it should be viewed as a business or financial transaction; cold hard decisions made solely on a financial basis.

However, when it comes right down to it, selling your home can be a very emotional experience. Like many people, you probably have a deep emotional connection to your home. You’ll be saying goodbye to a place you’ve called home that has sacred memories for you and your family.  As much as we all like to say selling real estate is a financial decision, it really is based a lot on our emotions - like it or not.

Before you sell your home that has an emotional attachment for you, here are some tips to help you move forward.

•  Acknowledge selling your home is painful
•   Say goodbye to it in your own way
•   Understand that the emotional value your home has can be separated from the house itself.
•   Think of selling your home as a fresh start, a departure from the old. Leaving is just the  precursor to arriving, and there’s nothing better than a fresh start
•   But most important of all: Happiness is found inside of ourselves. It is something that you take  with you.

If you’re not able to let go of your home emotionally you may subconsciously sabotage your success in selling it – and that can cost you money in the end.

I can help you determine if now is the right time to sell your home.

Call me anytime to discuss real estate 313 999-8900

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

Patrice Miller's Web site

Housing Market Snapshot

Some Highlights:

• Home sales are up 1.5% year-over-year and 5.1% month-over-month.
• Demand is still much higher than the available housing inventory which declined 2.2% from March 2015.
• This is the 49th consecutive month with year-over-year price gains.

4 Reasons to Move Up to Your Dream Home This Spring

Spring is in full force; the summer months are right around the corner. If you are debating moving up to your dream home, here are four great reasons to consider listing your current home and moving up to your dream home now, instead of waiting.

1. Buyer Demand is High & Inventory is Low

Recent numbers show that buyer demand is at the highest peak experienced in years, and inventory for sale is at a 4.5-month supply, which is still markedly lower than the 6 months needed for a historically normal market. Demand in many markets is far exceeding the supply, and more properties in March sold in less than 30 days (42%) than in any month since last July. Listing your home today can greatly increase exposure to buyers who are out in force and ready to act.

2. Prices Will Continue to Rise

CoreLogic recently released their latest Home Price Index in which they predict that national home values will appreciate by 5.3% by this time next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful.

3. Mortgage Interest Rates Are Still Near Record Lows

Interest rates have remained below 4% for some time now and are substantially lower than the rate previous generations paid when getting a mortgage. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will rise over the next 12 months. An increase in rates will impact YOUR monthly mortgage payment. Even an increase of half a percentage point can put a dent in your family’s net worth. Whether you are moving up or buying your first home, your housing expense will be more a year from now if a mortgage is necessary to purchase your home.

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to your family?

Bottom Line

If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings.

It's time to sell your current home and buy your dream home!

Call me now @ 313 999-8900

                        

Patrice M  Miller

Realtor/Associate Broker

ReMax Innovation

313 999-8900 Cell

http://www.patricemiller.remax-detroit.com/

Is it Time to Sell your Home?

After the housing meltdown of the past 7 years we are finally seeing home prices steadily rise again. Buyers are abundant and banks are loosening their lending guidelines. Is it time to sell? One of the biggest factors to consider when contemplating selling your home is equity.

Equity- The amount of money you owe vs. the amount of money your home is worth. Let’s look at the impact equity can make when selling your home.

·         Selling your home when you have negative equity is not a good idea if you can help it. It’s called a short sale. Paying off your mortgage short of what you owe. This has a negative effect on your credit and shouldn’t be considered unless you have to in order to avoid bankruptcy or foreclosure.

·         Selling your home when you have positive equity is ideal. Financially speaking, it’s best to sell your home when you have enough equity to at least pay for your down payment on your next home.

In order to figure out how much equity you have in your home you must first find out how much money you owe on your current mortgage.

Next you’ll need to know the current value of your home. While it may be tempting to go to an online home evaluation site they are not always accurate. You shouldn’t base such an important decision on bad information. Consult a Realtor who will compare your home to others that have recently sold and take into account recent trends in the market. You can trust their estimate on the worth of your home based on experience selling homes in your area.

As a professional Realtor for over 22 years, I will give you a clear picture of what it’s like to sell your home and if now is the right time financially.

Before you lose any more time call me today at 313 999-8900 and we’ll discuss your options.

Patrice M Miller

Associate Broker

313 999-8900 Cell

http://www.patricemiller.remax-detroit.com/