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    Want To Increase Your Family’s Wealth? Here’s How!

    Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.

    Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equityAs your home’s value increases, you also gain home equity.

    Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists. They are asked to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

    The latest data from their Q1 2019 Survey revealed that home prices are expected to round out the year 4.3% higher than they were in January. For the next 5 years, home values will appreciate by an average of 3.21% a year.

    This is great news for homeowners!

    For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. Simply through their home appreciating in value, those homeowners can build their home equity by over $40,000 over the next five years.

    Want To Increase Your Family’s Wealth? Here’s How! | Simplifying The Market

    Let’s look at the potential equity gained over the same period of time at some higher price points:

    Want To Increase Your Family’s Wealth? Here’s How! | Simplifying The Market

    In many cases, home equity is a large portion of a family’s overall net worth.

    Bottom Line

    Whether it’s your first or your fifth, if your plan for this year includes buying a home, let’s get together to help you understand where prices are headed in our area.

    Keeping Current Matters with Rinehart Realty

    Ready to increase your family’s net worth by purchasing a primary residence for the first time or possibly a vacation home on the shore? Now is the time to buy, whether you’re looking in Rock Hill, Fort Mill, Tega Cay, Lake Wylie, Clover, York, the Charlotte metro area, or any other cities in South Carolina or North Carolina. Contact us – our agents can help you find the perfect home.

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