Recent reports from the home building industry continue to show positive signs across the country, as well as in the Detroit area housing market.
According to the National Builders Association/Wells Fargo builder sentiment report released recently, the index rose two points to 37, its highest rating since March 2007. While any reading below 50 shows a negative sentiment about the housing market, the index has been trending higher since October.
That improved sentiment was shown in improved housing sales in the metro Detroit area. According to a RealComp II multiple listing service report, July home and condominium sales jumped 13.5-percent in the area while prices gained 12.5-percent.
The news is likely to come as welcomed relief to metro area residents who have been weathering a housing market downturn for the last several years. It has left many people wondering how much their home is worth whether they should look to sell, refinance or perhaps invest in home improvements.
Some suggestions on the best ways to determine your home’s value include:
- Visiting Zillow.com: Zillow is a website which uses a specific widget for calculating the value of your home. However, there are some flaws, like the inability to include a recent home improvement to the value.
- Find comparables: By keeping your eyes on your neighborhood and the sale of home comparable to yours, you can get a good idea of what your home might be worth.
- Getting an appraisal: Professional appraisals are usually the most reliable way to determine your home’s value, but since the housing boom went bust, appraisers have tended to be more conservative in their evaluations. Appraisals can also be costly.
Whether you decide to refinance, sell or make a major home improvement, at Community Financial, we offer great rates on both mortgages and home equity loans.
For help calculating your home’s value or obtaining current mortgage rates, visit cfcu.org/mortgages or contact our mortgage department at (877) 937-2328 ext. 8500.