Long-Term Benefit of Homeownership is a must-see content. As a buyer in today’s market, you may be feeling a little uneasy with the current market, the rising mortgage rates, and the economic conditions right now. But it is also important to consider the long term benefits of home ownership when making your decision to buy a home or not. Most likely, if you speak to someone who has been in their home for a very long time, they do not regret their decision due to the equity that 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 continuing to appreciate at moderate levels.
Experts are predicting home prices will still continue to appreciate nationally in 2023. And if you are planning to remain in your home for a length of time, you should see growth year after year.
This is a long term benefit investment that will increase your net worth and set you up for long term financial gains. That’s the hope, right? According to Odeta Kushi, the Deputy Chief Economist for First American, he says, “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 more wealth for them. 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 goals. You need to consider the long term investment for your future. I’m Krista Mashore with Homes by Krista and eXp Realty. Connect with me so we can help you with any of your real estate needs. And if you’re planning on purchasing or on selling a home, give us a call. And remember, when you do what you love, people love what you do.
Top Realtors advise in Finding the Right seller, The best seller should be the one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. And it matters that you ﬁnd out why. Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.
When given the opportunity to meet with sellers, ask them why they are selling. The reason could be anything, such as a job change to a new location or ﬁnancial problems. If you can solve their problem, whether it is cash related or time-related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale – and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept.
There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves to be. Some possible hints:
It is impossible to ﬁnd the perfect seller. But it is possible to ﬁnd out which sellers are legit and which ones aren’t.