Home Values Expected to Rise 23% by 2026 According to Zillow: Don't Miss Out!
Home values have always increased over the long run with an overall average annual rate of around 4%. Given the wealth building potential of home ownership, it’s important to purchase sooner than later to maximize the benefit of time.
Is now the time to buy? According to the recent “Home Price Expectation Survey,” a survey conducted by Zillow powered by Pulsenomics, the median cumulative home price appreciation over the next 5 years is 23%. That means a home purchase today for $500,000 is expected to gain over $120,000 in value over the next 5 years. For every year someone waits, they could potentially miss out on $25,000 per year of added value, not to mention having to purchase at a higher price.
Especially for those first time homebuyers who are waiting to save for a down payment, the wait can be costly. Instead, first time homebuyers should consider all available options to leverage the savings and resources they have to purchase sooner, and reep the benefits of appreciation over a longer time horizon.
Great options for down payment for home buyers include:
Low down payment options for first time homebuyers include 0% to 3% down
Down payment assistance programs (DPA) can provide financial assistance to cover a down payment
Gifts from family are another great option. There is no limit on gifts for the purchase of a primary residence, and when combined with lower down payment options, the amount needed for a down payment may be less than you think.
If you’re ready to buy a home and stop renting, consult a licensed Mortgage Advisor who can help you develop a mortgage plan so you can start enjoying the benefits of home ownership sooner than later.
Questions? Reach out to me directly at [email protected] or 760-566-8829. I’m here to help homebuyers and Realtors every step of the way!
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Proudly helping homeowners and Real Estate partners throughout Arizona, California, Colorado and Washington State - MLO.100515798. CA DRE 02103439, NMLS 1368625, AZ-LO 1043885. Powered by Arbor Financial Group in Orange County, CA: CA DRE 01845041, NMLS 236669. Equal Housing Lender.
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