Homeowners Are Now $30K Wealthier

This Is Why Homeowners Are Now $30K Wealthier
National Association of REALTORS® Chief Economist Says Homeowners Gained $30,000+ in Wealth This Year
By Melanie Jensen
If you thought you read that headline wrong, don't worry—you didn't. Owning a home can really give you an extra $30,000 you didn't have before. It's no secret homeownership is one of the best wealth-builders ever but over the past 12 months to January, it's been even better than the best. Recently, National Association of REALTORS® (NAR) Chief Economist Lawrence Yun announced in that time frame homeowner wealth gain went up by $3.4 trillion, or $30,000+ on average per owner of a home.
On average. In other words, you could very likely make much more than $30K by owning a home. And with a seriously never-before-seen seller's market sweeping the nation, causing home prices to jump everywhere, the amount of wealth you can accumulate from your home is only going to rise.
Here's the scenario (and it's evident in our Northern Utah Market): Most homes are selling above listing price. A March 2021 existing-home sales report from NAR listed 37 states where 30% of homes sold over listing price, and in a several states that percentage is even higher, climbing to 50%, 60% ... with no end in sight.
What does this all mean? Simply put, the heated market demand combined with a record-low supply of housing is pushing home prices ever-upward and creating incredible wealth gains for homeowners. So far in 2021, the median price of a home increased 15% compared with year-ago figures. This median number is gauged by the dollar volume of real estate transactions and has proven to be an early indicator for the direction of the market. Translation: House prices are up, homeowners have the upper hand in the market AND it's looking like the market is going to stay up for at least the next few months. More supply is needed to tame this price growth according to Yun, and with new construction hitting a wall of restrictions due to the building complications of 2020, homeowners should maintain the upper hand for seasons to come.
For sellers, your home is worth more than ever before. For buyers, let these statistics be the push you need to start building your wealth c/o homeownership today. (Don't worry, I can help you navigate this tricky, tricky market.) For renters, well ... why throw your money into the hands of a landlord when you can make it work for you? The time is now, the number is $30K, the key is homeownership.
Contact me for more information and let's start building your wealth today: Call or Text 385-777-1710 or Email me at [email protected]

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