Selling Your Home - Magazine - Page 11
Potential Home Price Growth over the Next Five Years
Based on projections from the Home Price Expectation Survey
$380,310
$399,782
$414,574
$429,333
$443,629
$350,000
2021
$93,629
Potential growth in
household wealth over the
next five years based solely
on increased home equity
if you purchased a $350K
home in January 2021
2022
2023
2024
2025
2026
Home Price Expectation Survey 2021 2Q
When you sell, the equity you build up over time can be used to help you meet your
goals. If you’re looking to move, you can use the equity from your current home to
make a larger down payment on your next one, so you’ll need to finance less of the
purchase price of that house.
Alternatively, you can use your equity to reach other big goals in your life, such as
starting your own business or funding an education.
The graph above is a great example of how home price appreciation converts into
equity when you own a home. If you purchased a $350,000 home in January of this
year, based on projected home price appreciation, you could potentially gain $93,629
in equity over the next five years – just by being a homeowner.
So, if you’re thinking of moving, remember that as a homeowner, you may have more
equity in your house than you realize.
This equity can also help homeowners who entered the forbearance program. Those
homeowners who have yet to work out a plan can leverage their equity and sell their
homes in order to avoid the foreclosure process.
Bottom Line
No matter your situation, let’s connect to find out if your current home equity can help
you make your next move sooner than you may have thought possible.
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