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Homeownership Boon: Your Home's Value is Soaring!

If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you’re building equity much faster than you might think. Here’s how it works.

Equity is the current value of your home minus what you owe on the loan.

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 in the last year alone.

What If You Bought Your House Before the Pandemic?

If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home’s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:

    “Homeowners have seen extraordinary gains in home equity over the past five years.”

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:

    “With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”

How Your Rising Home Equity Can Help You

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.

If you're planning to move, the equity you've gained can really help! Curious about how much you have and how you can use it to help pay for your next home? Connect with one of our Garden Valley Properties agents today!

Ready to Build Your Future? Owning a Home Now Means Locking in Long-Term Gains!

Thinking about buying a home in Idaho? While the perfect timing depends on your situation, here's a powerful strategy to consider: buying now to maximize your time in the market.

Why Timing the Market Might Not Be the Best Move

Predicting market shifts is tricky. Experts projected falling mortgage rates, but economic factors caused delays. This left those waiting on the sidelines facing higher rates and less affordability.

The Power of Time in the Market: Building Equity While You Live

Buying now allows you to start building equity immediately. As home prices continue to rise (even at a moderate pace), this translates to significant financial benefits down the road. You'll be happy you locked in ownership when you see your home's value grow!

Focus on Long-Term Advantages, Not Short-Term Fluctuations

While mortgage rates are a factor, don't lose sight of the bigger picture: homeownership is an investment in your future. Equity gains can be substantial, outweighing temporary rate fluctuations.

Are You Ready to Make Your Move?

Don't wait for a perfect market moment that might never come. If you're financially prepared, buying now lets you start building equity and secure a piece of a growing market.

Remember: As U.S. News Real Estate says, the decision is personal. But focusing on "time in the market" is a powerful strategy.

Ready to take charge of your future? Connect with one of our Garden Valley Properties agents today to find your dream home and start building wealth through homeownership!

JOIN US! This Weekend! For An Open House Event!

It's Summer in the beautiful mountains of Garden Valley, Idaho and we're already off to an amazing season! If you're looking for home in the area we have a special event that you will want to be sure to attend. Not just one, not just two, but TEN amazing properties are being shown this weekend for your viewing pleasure.

That's right! TEN Properties!
Your Garden Valley Properties has worked hard to put together this special occasion and we want you to be part of it. Make it a day of fun in the hills AND find home! It's easy:

Stop by the Garden Valley Properties office
Get a map from one of our agents
Enjoy a day of touring amazing properties!
Make one of them YOURS!

Yes! We can't wait to see you all this weekend!
Feel free to give us a call if you need extra help or just want to check in - we're always happy to give great suggestions for scenic stops and restaurants in the area as well.

Looking to attract luxury home buyers?

Luxury homebuyers are looking to create a home they love, a place that reflects their style and inspires their passions.  The kitchen is the heart of the home, and today's discerning buyers crave a space that reflects their culinary dreams. While there are any number of updates and renovations you can choose from your home, overall if you have plans to sell one area you may want to focus on is the kitchen. This can be daunting to many homeowners as kitchen remodels can often be of the most expensive types of renovation.

The good news?  Putting your remodel budget into your kitchen brings great returns! Over 85% of luxury homebuyers specifically seek kitchens with granite or quartz countertops and spacious islands!  These features create a beautiful and functional environment, perfect for entertaining or whipping up gourmet meals.

Don't let an outdated kitchen be the reason your home gets passed over!  Investing in a modern kitchen upgrade can be the key to attracting motivated buyers who are ready to fall in love with their dream home.  This is especially true when curb appeal and updated bathrooms are also high on their priority list! Other items that were recently polled as important to luxury home buyers include double vanities in the master bathroom, large closet spaces, walk-in pantries, as well as high end appliances. So, as you can see the kitchen and the bathrooms are where buyers are looking for the most value other than the space overall.

Make your home the envy of the neighborhood! Luxury buyers are drawn to established areas with an open floor plan that seamlessly connects the kitchen to the living space.  Imagine the possibilities - cooking for friends and family, creating a masterpiece in your gourmet kitchen, and then effortlessly flowing into the living area for effortless entertaining.

While some trends fade, a beautiful kitchen is timeless!  Don't settle for outdated features if you're looking to buy, and consider updating some of these items if you're wanting to attract buyers with an eye for detail. If you have questions about updating your home, listing your home for sale in Idaho, or even buying a new home Garden Valley Properties is here to help! Get in touch today!

Smart Saving Strategies for First-Time Idaho Home Buyers

Congratulations! You've set your sights on homeownership, a fantastic journey that brings stability and endless possibilities.  While the initial hurdle of saving for a down payment might seem daunting, it's an achievable goal with the right strategies. Let's explore some powerful tactics to turn your dream home into a reality sooner than you think!

Knowledge is Power: Craft a Winning Budget

Empower yourself with a clear understanding of your finances. Track your income and expenses for a month to identify areas where you can optimize your spending. There are fantastic budgeting apps and tools available to simplify this process. Remember, every dollar saved is a dollar closer to your dream home!

Automate Your Savings: Set It and Forget It!

Make saving effortless by setting up automatic transfers from your checking account to a high-yield savings account. This way, you'll consistently build your down payment without even thinking about it.  Imagine the satisfaction of watching your savings grow steadily over time!

Unleash Your Inner Chef: Embrace Delicious Savings

Dining out can significantly impact your budget. Explore the joys of home cooking! You'll be surprised at how delicious and affordable meals can be when you prepare them yourself. Plus, it's a fantastic way to learn new skills and impress friends and family with your culinary creations!

Become a Savings Ninja: Slay Unnecessary Expenses

Take a critical look at your spending habits. Are there subscriptions you rarely use? Can you switch to a more affordable phone plan? Every little bit adds up!  Challenge yourself to identify areas where you can cut back without compromising your lifestyle. Remember, these small adjustments can significantly accelerate your savings journey.

Hustle for Your Home: Explore Additional Income Streams

Consider ways to boost your income.  Perhaps you have a hidden talent for freelancing or can monetize a hobby. Even a part-time job or side hustle can significantly increase your down payment savings.  Think of it as an investment in your future – the return on this effort will be your dream home!

Leverage the Power of Free Money: Explore Down Payment Assistance Programs

Many government and local programs offer down payment assistance for first-time homebuyers.  You can research these options online, or talk with one of our agents to get assistance from a pro – it can be a great help for you in achieving your dream!

Celebrate Every Milestone: Stay Motivated!

Acknowledge and celebrate your progress, no matter how small.  Reaching a savings goal, however seemingly insignificant, deserves a pat on the back!  Reward yourself for your dedication – this will keep you motivated and focused on the big prize: owning your own home!

Remember, buying your first home is an exciting milestone! With a clear plan, dedication, and these smart saving strategies, you'll be well on your way to unlocking the door to your dream home.  It's an achievable goal, and the sense of accomplishment and pride you'll feel will be truly rewarding.  Happy saving! If you're thinking of buying a home in Garden Valley, no matter what stage of the journey you are in, we're here to help you find HOME!

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