In order to analyze the market value of owned homes by housing tenure we have broken the national population into the following categories:
Over the decade from beginning 2004 through 2013, we find that on balance, homes belonging to folks without a mortgage have decreased in value less than the values of homes belonging to folks with a mortgage. Average home values for homes without a mortgage declined by 5.6% during that time period as compared with a 10.8% decline in the value of homes with mortgages.
In terms of absolute dollar we find however that homes with mortgages have higher valuations with the typical home value in 2013 coming in at $263,930 compared to $213,690 for homes without a mortgage. This analysis has remained constant through out the entire decade and we feel that this can be explained by the fact that when folks buy homes with a mortgage they tend to buy more home than if they were putting down cash for their home.
From the perspective of electrical contractors like Andy and Jose both types of homes present them with marketing opportunities. A home without a mortgage may easily qualify for a reverse mortgage or a home equity loan and it would be a smart idea for a firm like Lights On Electrical to create a strategic partnership with a local mortgage broker and offer free electrical check ups to clients who apply for a home equity loan.
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