An average of 3.35% annual increase in home prices is expected over the next five years starting this year according to Pulsenomics’ most recent Home Price Expectation Survey.
If you are a homeowner, this is good news. An increase in home prices means your equity also increases.
The Future of Equity
Home prices will increase by 4.2% according to experts from Pulsenomics.
What this means is that when you bought your home at $250,000 this year, you’ll earn equity of $10,500 in just a year.
The prices of homes will increase by 24.34% cumulatively for the next five years. By that time, equity of your home will increase by a total of nearly $45,000.
Maintain to Gain
Making improvements increases the value of a home further.
Homeowners should maintain their homes in excellent condition to benefit from this increase.
Home improvements that will add value to home include upgrading to an energy efficient system, kitchen remodeling, and even replacing the garage door.
In Conclusion
Being a homeowner allows you to have the chance to build equity you can borrow against in the future. Use this trend to your advantage.
Become a homeowner this year and start building equity as soon as possible.
At Burgess Group Realty LLC, we can help you get the best deal for your home and earn big through equity.
Call Catherine now at 303.506.5669.
