Want To Increase Your Family’s Wealth? Here’s How!
Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.
Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity. As your home’s value increases, you also gain home equity.
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists. They are asked to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
The latest data from their Q1 2019 Survey revealed that home prices are expected to round out the year 4.3% higher than they were in January. For the next 5 years, home values will appreciate by an average of 3.21% a year.
This is great news for homeowners!
For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. Simply through their home appreciating in value, those homeowners can build their home equity by over $40,000 over the next five years.
Let’s look at the potential equity gained over the same period of time at some higher price points:
In many cases, home equity is a large portion of a family’s overall net worth.
Have you had any thoughts of selling or buying in 2019? If yes, let’s get together to help you understand where prices are headed in our area. Call/text for a free consultation (984) 833-9233. Also here is a complimentary absolutely free Home Value Estimate tool as a token of my appreciation to all readers.
Author:Brian Hargrove Phone: 919-830-5233 Dated: March 21st 2019 Views: 184 About Brian: ...
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Grow Local Realty is a full service Raleigh NC Real Estate Company servicing Raleigh, Durham, Cary, Apex, Holly Springs, Clayton, Fuquay Varina, Garner, Wake Forest, Chapel Hill and all other Triangle areas including all of Wake County, Johnston County, Durham County, Orange County, Chatham County and Harnett County. We are dedicated to extraordinary customer service and are here to represent you with your next home purchase or the sale of your current home. Allow one our fantastic agents to assist you with your Raleigh NC Real Estate search.
"My husband and I decided we wanted to buy our first home and we started looking online for homes and started calling a few realtors. Some of which were not very professional, and did not really go at the fast pace we were wanting. I found myself being uninformed, stressed, and with little homes available. That is until, thankfully, my husband and I met Kim, and the buying process changed completely. At first, Kim met with us to see a house at our convinent time, and she already had a few more houses ready for us to go see. This impressed me a lot since other realtors would only show what I requested. Kim is an upmost professional realtor. She went over lots of information we had no clue about, and she communicates at all times, and answers all questions at any time. She really had our family's best interest at heart. I know other realtors we talked with just wanted us to check THEIR website for available homes. Kim NEVER dropped the ball on us and always worked so hard doing above and beyond what we expected. She wanted us to really love our home. We had lots of bumps in the road regarding different aspects of our loan and Kim really helped fix all of those and really made the process go smoothly. If you are looking for a professional, hard working, agent, I would totally recommend Kim! She really goes the extra mile for her clients. "