by Michael Perna
on Thursday, September 17th, 2015 at 1:38pm.
I was doing a bit of market research lately and found some information you might find helpful.
The expert analysts over at Keeping Current Matters have filed their report for the Fall of 2015, and it appears things are looking up in real estate.
Michigan’s appreciation has improved by 7%, over 2% higher than the East North Central region average of 4.51%. This is nothing but good news for Farmington home values as well as surrounding areas.
According to numbers gathered by the Federal Housing Finance Agency (FHFA), home prices have risen in every region since this time last year.
The FHFA report shows that every state is appreciating at a different rate. While some states are experiencing more rapid appreciation than others, there is a very good chance your home has gone up in value regardless of where you live.
The above map is just a general overview of home appreciation by state. To get a more specific idea of how much your home has appreciated, we recommend using our free home evaluation tool.
You might be surprised by how much your home is really worth. Simply follow the link:
This broad home appreciation is indicative of a recovering market. As home prices recover, and even rise above their pre-recession levels, the market will begin to normalize.
According to the Home Price Expectation Survey, by the end of this year, values will have appreciated by 4.1%. Next year, prices are expected to rise 3.7% before flattening to just over 3% from 2017 to 2019.
This expected slowdown in home appreciation is the result of a normal, healthy market.
As a homeowner, now is a great time to cash in on the equity you’ve built in recent years. With interest rates as low as they are, there is no better time to sell your current home for top dollar and lock in an incredibly low rate on your new one.
Obviously, whether you’re ready to sell is ultimately up to you. I just wanted to let you know how favorable the market is for sellers right now.
If you’ve been waiting for ideal market conditions to sell, it won’t get much better than this.
Again, if you’re simply curious about how much your home’s value has increased in recent years, don’t hesitate to use our free home evaluation tool:
Or, if you’re unsure about what to do and would like more information about the market, give me a call or shoot me an email! It’s my job to keep you in the loop with what’s going on in our area, and I would love to hear from you!