Fergus Falls | How Rising Prices Will Help You Build Family Wealth in 2018?
Home ownership helps you build your wealth in equity. Are you looking to buy a home in Fergus Falls MN 56537? As a real estate agent, I want to be prepared to ensure that you are given the best buying experience with knowledge and expertise to guide you along the way. One of the methods I use is to research market trends.
Today I’d like to talk to you about how rising prices will help you build family wealth in 2018 and beyond.
Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% 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 $100,000 home in Fergus Falls this month (January). If we only look at 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 4.2% in 2018, the young homeowners will have gained $4,200 in equity in just one year.
Over a five-year period, their equity will increase by nearly $18,000! 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 you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!
Source…. KCM Charlie Brue blog
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