Home ownership may seem financially daunting, and depending on the market in your area, the mortgage rates alone may have you wondering if the short-term challenges outweigh the long-term benefits. But when it comes to buying a home, there are many benefits that come along with owning a home that are worth considering; amongst them are financial strength and stability, a permanent home, tax deductions, and connection to your community.
Why is it that the people you know who bought a home a decade or so ago don’t regret their decision, no matter the state of the market? It all comes down to the fact that “Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.” The National Association of Realtors (NAR)
So just how does appreciation work and how does home ownership win in the long run?
Even though home price appreciation has moderated this year, home values have still increased significantly. In spite of the moderation of home prices this year, if you look at the percent change in home prices, you will see that home prices still grew on average by almost 64% nationwide the past five years. And when you expand that appreciation further, the gains are even more dramatic. Since 1991, home prices appreciated by an average of over 290% over roughly a thirty-year span, and experts say home prices are expected to appreciate nationally 2023.
Why rent and fight annual rental increases for no long-term benefit? Data shows home values typically appreciate over time, so don’t let the shifting market delay your dreams. Consider the following benefits:
It’s a good idea to assess your personal situation before deciding to purchase a home. Ask yourself these questions:
Whether its financial stability or the longing for a community, the perks to homeownership can certainly be attractive. And if you’re ready to take that next step we’re ready to talk. Call Melody today! 949-401-7033
Stay up to date on the latest real estate trends.
November 9, 2023
A new law, Assembly Bill 1033 (AB 1033), is changing the game, offering Californians the opportunity to buy and sell them as condominiums.
November 1, 2023
October 26, 2023
Title pirates are criminals who exploit vulnerabilities in the real estate industry to deceive homeowners and make off with their properties.
September 26, 2023
Best of Orange County real estate company category, according to the latest reader's choice poll for The OC Register.
September 19, 2023
Anvil Real Estate was selected over several other brokerage firms in the area due to their impeccable reputation with clients and the professional performance of the e…
September 17, 2023
Are you considering making a move in the near future? Whether it's downsizing, relocating, or simply seeking a change of scenery, your home equity could be the key to …
August 21, 2023
Zillow, the real estate giant known for its online property listings and home value estimates, has disrupted the status quo once again with its most intriguing product…
August 17, 2023
The California Fair Plan, formally known as the California Fair Access to Insurance Requirements (FAIR) Plan, is an insurance program designed to provide coverage for …
July 17, 2023
Strong home prices are a positive indicator for the real estate market, reflecting buyer demand and limited housing inventory.
You’ve got questions and we can’t wait to answer them.