The Relationship Between Home Value and Family’s Net Worth
Home prices will appreciate by an average of about 3.22% annually over the next five years according to the recent Home Price Expectations Survey by Pulsenomics.
Cumulatively, the growth of home prices is about 17.3%.
Experts are already saying that the increase will be about 4.4% this year.
But what exactly will these figures mean for homeowners? And more importantly, what benefits can it give you?
Here’s a quick and easy way to look at it.
Let’s say, you bought a home valued at $250,000 in January. If we look at the projected increase, you would have earned $42,898 from your home equity in five years’ time.
Your home equity would have increased by about $11,000 in just one year.
There’s still more to the equation though since you still have to take into consideration your monthly payments for your principal mortgage.
That home equity is very important. It can definitely increase the overall net worth of your family.
In addition to this, you can use your home equity should you ever have the need to borrow against it.
With this information, what then should you do?
Get in touch with someone who can help you find a home at the most reasonable price. With a professional helping you, you will soon achieve your goal of owning your dream home.
At Burgess Group Realty LLC, we help our clients find the best deals in the market. Let’s meet up so we can help you buy your dream home.
CALL Catherine at 303.506.5669