The financial benefits of buying a home will always be debatable, but one element is non-refutable—the ability to build wealth.
These past couple of years have only confirmed this belief with appreciation recorded at unheard of rates. The National Association of Realtors reported that the average gain for single-family homeowners over the last five years was $139,134 and over the past 10 years was $218,505. In California you could easily double or triple those figures since our real estate market has had such unprecedented appreciation recently. Especially considering the hot real estate markets of the Peninsula counties of San Francisco, San Mateo and Santa Clara – these can be great investments for larger returns.
Homeownership builds household wealth, which also enables households to move to the home of their dreams more easily. To quote Mark Fleming, Chief Economist at First America:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home—the wealth effect of rising equity.”
In a recent survey which estimated the cumulative home appreciation over the next five years, market strategists have determined that a residential purchaser today will earn a 31.8% increase in their household wealth.
If you have been denied a loan from your bank or other lending institution, consider a privately funded loan from the investors at Sun Pacific Mortgage. Call us today at 707-523-2099 or visit https://www.sunpacificmortgage.com/ for more information.