Long-Term Benefits of Homeownership with AgentOwned Realty

In today's real estate market, factors such as higher mortgage rates, rising home prices, and ongoing affordability concerns may raise doubts about the feasibility of buying a home at this moment. However, it's essential to look beyond these market aspects and consider the long-term advantages of homeownership.

Think about individuals who purchased a home 5, 10, or even 30 years ago—you'll likely find it challenging to find someone who regrets that decision. Why is that? The reason is intertwined with how home values appreciate over time and, in turn, contribute to the growth of your personal wealth. Perhaps that's why, as per a recent Fannie Mae survey, 76% of respondents believe that buying a home is a secure investment.

Let's explore how the appreciation in home prices can significantly accumulate over the years.

Home Price Appreciation Over Time Utilizing data from the Federal Housing Finance Agency (FHFA), we can illustrate the substantial price gains observed in the last five years through the map below. Given that home prices vary by area, the map is divided into regions to effectively showcase broader market trends.

Observing the percentage change in home prices, it's evident that home prices grew by an average of just over 57% nationwide over a five-year period.

While some regions slightly exceed or fall below this average, overall, home prices demonstrated significant growth in a relatively short span. Extending this time frame further underscores the benefits of homeownership and the substantial gains homeowners have accrued over the years (see the map below).

The second map reveals that, on a nationwide scale, home prices appreciated by an average of over 297% over a roughly 30-year span.

This national average demonstrates that the typical homeowner who purchased a house 30 years ago witnessed their home value almost tripling during that time. This considerable appreciation in value is a crucial factor in why so many homeowners who made their purchase years ago remain content with their decision.

While there have been discussions throughout the year regarding a potential crash in home prices, it hasn't materialized. In fact, experts project that home prices will continue to rise in the years to come. When considering a home purchase, partnering with a reliable and knowledgeable real estate expert, such as those at AgentOwned Realty, can provide valuable insights into the best places to live in Charleston SC and the current real estate market in South Carolina.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

If you’re interested specifically in the Greater Charleston area see: https://www.agentowned.com/moving-to-charleston-sc 

If you’re looking for information about Manning, Sumter and the Lakes Area, see: https://www.agentowned.com/moving-to-manning-sumter 

And if you’re interested in the greater Anderson area see: https://www.agentowned.com/moving-to-anderson