Remember a few years ago when the real estate bubble inflated the value of everyone’s home? Unfortunately once that bubble burst, so did the value of our homes. According to a recent article in The Maryland Gazette, home prices have plummeted 20% since 2006.

Michigan Realtors say that although home prices have suffered a significant drop, the exact percentage amount varies from county to county. One agent in Northern Michigan contends that home prices have stabilized in the lower priced market and drops of 10% in higher priced homes (over $400,000). However, quite a few Michigan Realtors say that they’ve seen home prices decrease up to 30% since 2006.

Get an idea of where your home’s appraised value right now! Click on Zillow right now to view your home’s current appraised value along with your home’s square footage and year built but also area comparables. You’ll also see an aerial photo of your home along with estimated appraised value of surrounding homes in your neighborhood.

Want to know more about how market conditions influence the rise and fall of appraised home values? We can help! Contact a loan representative at AmeriFirst at 800-466-5626 or visit our Contact Us page to send us your inquiry today.