How Do Rising Home Prices Affect Arizona Families?
Well, first of all, there is the obvious; Equity! Equity is the amount of money your home is worth in relation to the amount you still owe on the home.
If your home is worth $350,000 today in 2018 and you still owe the mortgage company $285,000 you have $65,000 in equity. In this example, if you sold your house for $350,000 you would need to pay off the house loan balance of $285,000, take out selling costs and you could pocket a good amount of cash.
Then there’s the Federal Tax Laws. If you have lived in your house more than 2-years out of the last five years this capital gain is tax-free! Please consult your tax professional for more details.
With the current real estate market roaring back, and with annual property values expected to gain about 5% per year* – over the next five years, your house that is valued today at $350,000 could be worth as much as $446,000 in 2023!
If you’re considering buying a home please download my free Quick Home Buyers Checklist!
If you’re thinking of selling your home I offer a free Estimated Valuation of Your Home Report – check it out here: Current Home Valuation Report
Owning a home has many advantages over renting, and owning a home is a wise family business decision for many.
*Housing markets are cyclical and go up and down. This is not a guarantee of future home values.