If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.
Equity is the current value of your home minus what you owe on the loan.
If you are still on the fence about buying a home versus continuing to rent, this article may help you gain some perspective in favor of buying. Clearly this past year has been tough for first time homebuyers, with multiple offer situations, over bidding and interest rates climbing, many of you are probably thinking buying a home now just isn't worth it. However, studies are now showing that there is a huge wealth gap between renters and homeowners (in favor of homeowners) over time. Read further to find out why:
Experts agree there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market. As Mark Fleming, Chief Economist at First American, says:
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