Homeownership offers you and your family the ability to build equity as home prices increase.
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Home prices are expected to rise over the next five years, but what does that mean for homeowners as far as equity goes?
I’ll give you an example. Let’s assume a young couple purchased and closed on a $250,000 home this January. If we only looked at the projected price increase of that home, how much equity will they have over the next five years? Since experts predict home prices will increase by 5% over the course of 2018, you can expect them to gain $12,500 of equity during that time.
Over a five-year period, their equity amount will increase to over $48,000. That figure doesn’t even include their monthly principal 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’re ready and willing to buy, call me and let’s find out if you’re ready to buy today. If you have any other questions, don’t hesitate to reach out to me as well. I’d love to help you.