In order to make the best decision, let’s look at where real estate values are headed. They say celebrity opinions make headlines, but let’s skip the sensationalism and see what a panel of 100 economists, investment & marketing strategists, and real estate experts had to say.
SURVEY RESULTS: Where Are Home Prices Headed?
The average annual appreciation will be 3.6% over the next five years. This means the cumulative appreciation will be 19.4% by 2019.
Now consider this: a home valued at $100,000 today will be worth $119,400 by 2019. You can buy a $100,000 home with a down payment of $3,000 to $3,500 (conventional or FHA loan).
So in approximately four years, you turn $3,000 into $19,400 real estate value.
For a $200,000 home, double that.
For a $500,000 home, multiply that by five.
Do I need to explain why I am a fan of buying your own home? Not to mention, the price of rent keeps going up. And, renters don’t qualify for the mortgage tax deduction.
Even the experts making the most bearish experts predicted a cumulative appreciation of 11.8% by 2019.
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