What is the Long-Term Benefit of Homeownership? #sellwithsherri #sherriecholsrealtor

What is the Long-Term Benefit of Homeownership? #sellwithsherri #sherriecholsrealtor

What is the greatest benefit of homeownership over time? Have you ever sat and thought about the long term benefits of owning a home? Hi I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station.

As a buyer in today’s market you may be feeling a little uneasy about buying right now with rising mortgage rates and economic conditions. Let me help you think through some things to ease your mind about buying.

It is important to understand supply and demand and loads of other things about the buying process. Today, let’s talk about the long term benefit of homeownership when you’re thinking about buying.

Most people who have been in their home for a long time do not regret their decision to buy because of the equity they have built over the years, no matter what interest rate they paid. 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 continuing to appreciate at moderate levels.

Experts are predicting home prices will still continue to appreciate nationally in 2023. If you are planning to remain in your home for a while, you should 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. You build your net worth instead of your landlord’s.

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”.

For some homeowners, home equity is the ONLY source of creating wealth. So the bottomline 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. Connect with us so we can help you with any of your real estate needs. I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.

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