November 4, 2022

By Isabel Guzman, Realtor®

What is the shining star long term benefit of homeownership?

Video Transcription

Have you ever wondered about the long term benefits of owning a home?

As a buyer in today’s market you may be feeling a little uneasy with the current market, including rising mortgage rates and economic conditions, but it is also important to consider the long term benefit of homeownership when making your decision to buy.

Hi, I’m Isabel Guzman, Broker Associate and Realtor from EXP Realty. Most likely if you speak to someone who has been in their home for a lengthy period, they do not regret their decision due to the equity they have built over the years. Today, home Equity is the shining star of the housing market.

According to the National Association of Realtors,“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments” and although we are seeing the market shift, homes are expected to continue to appreciate at moderate levels.

And if you are planning to remain in your home for a length of time, you should also see growth year after year. This is a long term investment benefit that will increase your net worth and set you up for long term financial gains.

According to Odeta Kushi, Deputy chief economist for First American, “Homeowners nationally had an average of $320,000 in inflation adjusted equity in their homes in the second quarter of 2022, an all time high”.

AND for some homeowners, home equity is the only source of creating more wealth. So the bottom line is, if you are in a position to buy, do not let current conditions sway you from achieving your home ownership dreams.

You need to consider the long term investment for your future, if you are planning on purchasing or selling a home.Connect with me so we can help you with any of your real estate needs; I’m Isabel with Colibri Group bringing you home