Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recentHome Price Expectation Survey (HPES)helps target these projected answers.
The average annual appreciation will be 3.2% over the next 5 years
The cumulative appreciation will be 16.8% by 2023
Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023
What does this mean for you?
A substantial portion of family wealth comes from home equity. As the value of a family’s home (an asset) increases, so does their equity.
Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019:Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period.
If you don’t yet own a home, now may be the time to purchase. Owning or moving up to your dream home could allow you to ride the increase in equity of a growing asset.
Author:Tisa Peek Phone: 701-214-1188 Dated: August 5th 2019 Views: 86 About Tisa: Tisa has been in sales for sometime and comes to you with a passion for helping the client! She is o...
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