Monday, March 18, 2019
#TimeToBuy Do You Want To Increase Your Family’s Wealth #TimeToBuy #FirstTimeHomeBuyers #MoveUpHomeBuyers #5StarREALTOR #HyperLocal #ChrisBJohnsonREALTOR #TopProducer
#TimeToBuy Do You Want To Increase Your Family’s Wealth #TimeToBuy #FirstTimeHomeBuyers #MoveUpHomeBuyers #5StarREALTOR #HyperLocal #ChrisBJohnsonREALTOR #TopProducer: Everyone should realize that unless you are living somewhere rent-free, you are paying some one else's Mortgage! #TimeToBuy #FirstTimeHomeBuyers #MoveUpHomeBuyer,
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.
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.
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.
In many cases, home equity is a large portion of a family’s overall net worth.
Whether it’s your first or your fifth, if your plan for this year includes buying a home, let’s get together to help you understand where prices are headed in our area.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.