Learning to Appreciate the Realities of Appreciation
While mortgage rate issues have been particularly prevalent across all types of media for the past while, it’s easy to forget that the central issue for most home owners revolves around how much they can expect their house to appreciate over time.
The past decade has been particularly hot for homeowners and it’s not unexpected for home owners to anticipate the same level of appreciation to continue into the future. According to Phil Soper, president of Royal LePage, historically speaking, real estate prices tend to appreciate with incomes.
Obviously, there are pockets of time when the market has seen remarkable levels of fluctuation in house pricing and instances when certain geographic areas where either way up or down in regards to the rest of the nation.
Looking forward, it’s important for home owners to look at the non-financial benefits of homeownership, such as forced savings and the psychological fulfillment of owning.
