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Your Home Is Your Best Investment

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As we moved into 2023, many people predicted a possible recession that would cause the housing market to crash. Some media “experts” were even forecasting home prices would drop by up to 20%. This kind of talk may have made many feel a bit unsure about buying a home.

But what actually happened was that home prices went up more than usual. As the Head of Commodities at S&P Dow Jones Indices, says:

“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”

The fact is that Home Prices almost always go up

As an article from Forbes Magazine says:

“. . . the U.S. real estate market has a long and reliable history of increasing in value over time.”

Since 1980, the only time home prices dropped was during the housing market crash in 2008, but fortunately, the market today isn’t like it was in 2008. Inventory, in many areas, is at an all time low. There just aren’t enough available homes to meet buyer demand right now. And homeowners have a tremendous amount of equity, so they’re on much stronger footing than they were back then. That means there won’t be a wave of foreclosures that causes prices to fall.

The fact that home values keep increasing is why not just owning a home, but also maintaining it and continually improving it is one of the smartest moves you can make. For every dollar you spend today on upating your kitchen or bathrooms, for example, that dollar will continue to appreciate at a much faster rate than virtually any other safe investment you could make. When you’re a homeowner, you own something that becomes more valuable over time. And as your home’s value appreciates, your net worth grows

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