Home Plumbing Contractor Free Plumbing and Heating Contractor Business Plan 4.28 Market Value of Owned Home by Mortgage Status Nationally Analysis
In order to analyze the market value of owned homes by housing tenure we have broken the national population into the following categories:
The most interesting fact that emerges from this analysis is that the nationally on average, the market value of homes with a mortgage have been valued 23% higher than homes without a mortgage. This sounds counter intuitive but it is not, more often than not a home without a mortgage belongs to folks who are older and have had the opportunity to work and pay down their mortgage and are in the process of planning for retirement if they are not retired already.
We find that the value of the average home in the country that had a mortgage was $263,930 as compared to $213,690 for a home where the home owner had already paid off the mortgage. What may surprise people is that in terms of the home market value appreciation over the decade from 2005 to 2014, the value of home with a mortgage have actually declined by 10.8% as compared to a 5.6% decline in the market value of a home without a mortgage during the same time frame.
Both types of homes present Central Plumbing and Heating with opportunities for business:Felix and Michael could create a strategic partnership with a mortgage broker and include their flyers for a free plumbing check up of their homes. Once a home equity home is approved, folks who many times tend to take some of the cash to make improvements to their home.Homes that already have a mortgage tend to belong to younger working professionals who are keen on making upgrades to their homes and add equity - this is an excellent marketing technique towards this market segment.
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