How Rising Prices Will Help You Build Family Wealth in 2018
Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?
Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.
Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
Bottom Line
Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!
The Truth About Newly Built Homes and Today’s Market
Like anything else in real estate, the level of supply and demand will vary by market; some markets have more, some less.
Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again
With inventory still almost 23% below the pre-pandemic norm, well-priced homes are selling.
4 Things To Expect from the Spring Housing Market
With more inventory, slowing price growth, and stabilizing mortgage rates, buyers are gaining confidence and coming back into the market.
Rising Inventory Means This Spring Could Be Your Moment
If you’ve been on the sidelines, waiting for the right time to buy, this spring could be the opening you’ve been hoping for.
House Hunting Just Got Easier – Here’s Why
Over the past few months, the number of new listings, or homes that have recently been put on the market for sale, has been steadily rising.
Buyers Have More Negotiation Power – Here’s How to Use It
Negotiating is a complex process. Lean on your agent for expert advice about what’s realistic to ask for and what’s not.
What You Need To Know About Homeowner’s Insurance
Homeowner’s insurance is a must to protect your home and your investment.
The #1 Thing Sellers Need To Know About Their Asking Price
A great agent will use real data and market trends to make sure your house is priced based on what your specific home is valued at today
The Best Week To List Your House Is Almost Here – Are You Ready?
A seller listing a well-priced, move-in ready home is likely to find success.
Is It Time To Put Your House Back on the Market?
Since January, demand has picked up – and that should continue as spring draws even closer.
