There are homes for sale in Lake Stevens that will appreciate in the next few years. Over the next five years, rising home prices are expected to appreciate, on a national average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
You can see the local Lake Stevens appreciation over the last three years here at our Lake Stevens community page.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchased and closed on a $250,000 home this January. If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?
Since the experts predict that home prices will increase by 5.0% in 2018, the young homeowners will have gained $12,500 in equity in just one year.
Over a five-year period, their equity will increase by over $48,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
Not only is home ownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today! You can check out our buying guide here for more information.
Mike Kellogg and Sheli Kellogg are real estate brokers in Lake Stevens and Snohomish.
Source.. KCM Mike Kellogg and Sheli Kellogg blog