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Detroit metro home values on quickly increasing

On Behalf of | Jul 27, 2018 | Firm News, real estate transactions | 0 comments

A recent report published by ATTOM Data Solutions reflects that the current home appreciation rate is currently the lowest it’s been since the second quarter of 2016. Their data shows that during this year’s second quarter, homes in the United States have been selling for $255,000 on average. This marks a 6.3 percent increase over what it was last year at this same time.

Real estate analysts insist that even despite declining home values across the country, we’re still living in a market where sellers can call the shots. A decline in home appreciation rates and an increase in mortgage rates has been met with some skepticism from buyers, though.

Some of the cities that have been most affected by reductions in home appreciation rates include Chicago, Houston, Los Angeles, Philadelphia, Houston and Dallas-Fort Worth. Other cities that have seen home values improve are San Francisco, New York, Boston, Detroit and Washington, D.C.

Of the 122 different major metro areas reviewed by analysts as part of this study, the home prices in at least 65 percent of them have either returned or exceeded pre-recession levels. Because of this, a homeowner’s tenure living in their home has increased to 8.09, the highest it’s ever been. The rate of distressed sales has declined to the lowest it’s been in 11 years.

At a time in which the Detroit metro area has joined the ranks of many other high-producing real estate markets, it may be a good an opportunity for you decide whether you’re ready to take that next step and become a homeowner. If you decide that the time is right, then you’ll want to be guided through home buying process by a local Trenton real estate transactions attorney that you can trust.