CoreLogic has reported that single family homes across the nation have appreciated in price by 3.6% from May last year to May this year. They are also forecasting that there will be a 5.6% rate of appreciation by this time next year!
Frank Nothaft, Chief Economist for CoreLogic said, “Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May. This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home price growth accelerated for the first time since March 2018.”
When using these forecasted numbers, at 5.6% appreciation, a $300,000 home will be worth $316,800 next year. When combining this large amount of equity gained with historically low interest rates, you get a recipe for building wealth. This is a great time to purchase or refinance your home. Call an Advisors Mortgage expert today to review your numbers and to get expert advise to take advantage of this hot market.
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Source: CoreLogic
By: Jon Iacono