Over the next five years, home prices areexpectedto appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according toPulsenomics’most recentHome Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only 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 4.4% this year alone, the young homeowners will have gained $11,000 in equity in just one year.
StarOver a five-year period, their equity will increase by nearly $43,000!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.
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!
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
Homeowners are familiar that they can deduct the interest and property
"Thanks to Kris Morin the whole process from finding a home to closing was so smooth and easy. She was always available and eager to make our experience a pleasant one. Buying a home is said to be one of the most stressful processes one can go through. I can honestly say there was minimal stress during our experience with Kris. I would recommend Kris to anyone!"