Over the next five years, home prices are expected to appreciate 3.24% per year on average and to grow by 21.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchases and closes 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 4.0% this year alone, the young homeowners will have gained over $10,000 in equity in just one year.
Over a five-year period, their equity will increase by over $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 home ownership 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, let’s get together to find out if you are able to, today!
Would you like to build equity today? The Militello Team can and will help you to get started. Step one is to contact a lending institution to determine how much of a home you can afford to purchase. Then together The Militello Team and you will put together a strategic plan to get you the home that fits your budget and desires. You will need to be patient and aggressive because buyers are pent-up, which means they are out there in large numbers--there will be completion. And, that is EXACTLY why you need The Militello Team to help you through.
Contact us Today!
The Militello Team
Joseph Militello (978) 815-3877
Kathleen Militello (978) 500-1480
Vice President of J Barrett & Company
Source: Keeping Current Matters