You may have noticed home prices across the country have been on the rise. Your own home value may have even substantially increased over the past couple of years, since falling during the recession.
This rise in residential real estate has been happening over most parts of the country, especially seen right here in the Phoenix and Scottsdale Metro Area. This is great news for home owners as they have seen their family wealth grow as the equity in their home grows!
The Joint Center of Housing Studies at Harvard University did a recent study that showed home equity has grown dramatically over the last five years.
As you can see in the chart created by KeepingCurrentMatters.com above, home value has steadily increased at a reasonable investment rate since 2010.
Though you cannot expect and may not see the same type of increase if you buy today, you could still do very well. In the chart below, KeepingCurrentMatters.com assumes you close on a $250,000 home in January 2016 and over the next four years you could potentially see a growth in your family wealth of $34,115 simply from the increase in home values.
This is fantastic news for current homeowners and home buyers and an excellent reason why purchasing a home is still a good investment.
If you have been on the fence about buying, this maybe the time to start your home search now before missing out on the higher increase in home values. If your ready, we can help. Give us a call today.