With all the headlines circulating about Central CA home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds
If you’re thinking about purchasing a home in Central CA let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.
Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy in Central CA and keep renting, you’ll miss out on those monthly housing payments going toward your home equity.
Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Work with an agent to make sure you understand what’s happening in your local housing market.
Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you buy your Central CA home and guide you through today’s market. Give our Oak Shores Realty team a call today! Let’s discuss your goals, your timeline, and a plan of action, to make those goals a reality as soon as possible.
Jasmine Duncan
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty