Now is a great time to buy your first home. Over the next five years, home prices are expected to increase in value by 3.22% per year on average. So, what does this mean for homeowners and their equity position?
Since the experts predict that home prices will increase by 4.4% this year alone (2017), the young homeowners will have gained $11,000 in equity in just one year.
Over a five-year period, their equity will increase by nearly $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 homeownership something to be proud of, but it also offers homebuyers and their family the ability to build equity they can borrow against in the future. If you are ready and willing to buy your own home, find out if you are able to today!
Note, the information in this article is compliments of Pulsenomics’ and their most recent Home Price Expectation Survey.