How to Simply Increase Your Family Wealth by Paying for Housing
Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.
Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity. As your home’s value increases you also gain home equity.
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
The latest data from their Q4 2018 Survey revealed that home prices are expected to round out the year 5.8% higher than they were in January. For the next 5 years, home values will appreciate by an average of nearly 3% a year.
This is still great news for homeowners!
For example, let’s assume a young couple purchases and closes on a $250,000 home in January. Simply through their home appreciating in value, those homeowners can build their home equity by nearly $40,000 over the next five years.
Let’s look at the potential equity gained over the same period of time at some higher price points:
In many cases, home equity is a large portion of a family’s overall net worth.
If your plan for 2019 includes entering the housing market to purchase a home, whether it’s your first or your fifth, let’s get together to make your plan a reality!
Home buyers may be finding a window of opportunity to lock in lower rates. Mortgage rates fell this week, after several weeks of moderating, Freddie Mac reports.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” says Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising home prices.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 6:
30-year fixed-rate mortgages: averaged 4.75 percent, with an average 0.5 point, down from last week’s 4.81 percent average. Last year at his time, 30-year rates averaged 3.94 percent.
15-year fixed-rate mortgages: averaged 4.21 percent, with an average 0.4 point, falling from last week’s 4.25 percent average. A year ago, 15-year rates averaged 3.36 percent.
5-year hybrid adjustable-rate mortgages: averaged 4.07 percent, with an average 0.3 point, a decrease from last week’s 4.12 percent average. A year ago, 5-year ARMs averaged 3.36 percent.
Luxury Care Communities for Seniors Surge in Demand
December 10, 2018
The retirement community is getting a dramatic luxury makeover. Upscale communities are sprouting up across the country, offering personal care for residents—from independent living to nursing assistance—and amenities that rival exclusive hotels and high-end cruise ships, The New York Timesreports. Developers are investing billions in these high-end senior care complexes.
The market potential could be massive: 20 percent of baby boomers—or about 15 million Americans—have saved enough to afford private continuing care. Further, about 10,000 people turn 65 years old every day. “Baby boomers are being a very demanding customer,” Stephen Maag, director of residential communities for LeadingAge, an association in the aging industry, told the Times. The industry must respond “to a consumer that has pushed back on everything they’ve touched in the last 60 years,” he adds.
One such community, called Fountaingrove Lodge in California’s Sonoma County, boasts a restaurant, wine cellar, spa, bank, fitness center, movie theater, and a large outdoor swimming pool. Entrance fees for two-bedroom bungalows, the largest units at Fountaingrove Lodge, can reach about $1 million, with monthly charges of more than $6,000.
In Dallas, construction has started on the $140 million Ventana by Buckner luxury retirement complex and is expected to be completed next year. It will include concierge-level services and fine dining. The entrance fees will range from $400,000 to $1.8 million. Monthly charges could be up to $11,000. Already, 81 percent of the units are reserved. The mission is to “completely treat everyone like a V.I.P.,” Rick Pruett, the complex’s executive director, told the Times. “[It has] all those little touches like you’d see at some of the finer operating hotel chains and resort centers.”
Related Companies of New York has partnered with Atria Senior Living to own and operate $3 billion of luxury housing for seniors in cities such as New York, San Francisco, Boston, Los Angeles, Miami, and Washington, D.C. The plan for the company’s senior complexes is to offer rentals, instead of homes for sale, and not charge entrance fees.
But some officials are growing concerned that there is no real estate agent advocating for the buyer as they move into such senior residences. The industry is not federally regulated, and contracts can be complex. Further, some of the entrance fees may go back to the residents’ estates upon death or refunded if they leave. But getting funds returned could be a lengthy wait and may even require legal action, experts say.
Expect to see more coral hues in home design next year. Pantone, the corporation known for its paint forecasts, unveiled “Living Coral” as its 2019 Color of the Year. The color, an orange shade with golden undertones, embodies “warmth and comfort,” Pantone says.
Living Coral can make a bold statement as an accent color, and forecasters expect to see it in more shag rugs, cozy blankets, and upholstery to “create a warm, comforting, and nurturing feeling in the home.” “With its ebullient nature, Pantone’s Living Coral adds a dramatic pop of color to any room setting, whether in decorative accessories, tabletops, or on the wall,” Pantone said in a statement.
Living Coral succeeds Pantone’s 2018 Color of the Year, Ultra Violet. Other paint companies have been offering their picks for the 2019 Color of the Year. Behr chose a rich, bluish hue called “Blueprint,” while Sherwin-Williams chose “Cavern Clay,” a warm terra cotta color.
South Carolina is widely known for having an abundance of ghosts and haunted places. Whether those instances are real is up to interpretation by each of us. But for a moment, let’s set aside those ghosts and goblins and turn our attention to a part of folklore you hear less about in the Palmetto State: vampires. Our research into the history (and presence) of vampires in South Carolina led us to an astounding discovery on the Internet. It was a transcript of sorts for an interview conducted by a person using the name Thomas Byers. Byers had interviewed a real, live vampire from South Carolina and here’s some of his story:
All information in this article was obtained from this published interview with Peter, conducted by a Thomas Byers. It’s a fascinating transcript from the interview, and includes some shocking answers to questions we’d probably all love to ask a real live vampire. Check it out.
Do you believe in vampires? We’d love to know! Continue the discussion in our comments.
20 Reasons Why Living in South Carolina Is The Absolute BEST!
United has ranked South Carolina #2 in the United States for inbound residents. That, my friends, is a lot of people moving to South Carolina and it is absolutely no wonder why. We have it all here and I am going to give you 20 undeniable reasons why moving here will be the best idea you have had all year long!
I’m sure I could give you more reasons to move here. In fact, it would be quite easy to do so, but I bet you are planning your move here now. And, why wouldn’t you? There is no where finer than South Carolina!
Americans who are moving out of state tend to be heading south, according to a new analysis by LendingTree, a loan information source. Researchers analyzed more than 2 million new purchase mortgage loans to see where people are moving to and from.
Florida is the winning destination, according to the analysis. It was the top destination for movers who were relocating out of state in 15 out of the 50 states. Consumers like to move to Texas, but some also move within the state: Texas had the highest percentage of residents looking to move while remaining within state lines. Texas is also one of the top destinations for people relocating from other states.
Alaska was the state that had the most residents looking to move away. The study found the top destination for those leaving Alaska is Washington state.
Many Americans who do move out of state don’t tend to go that far. More than half of the most popular relocation states border the person’s current state.
These Treehouses In South Carolina Will Give You An Unforgettable Experience
South Carolina has no shortage of awesome outdoor spectacles or adventurous opportunities. For the trip of a lifetime make plans to stay at one of these treehouses in South Carolina on the Edisto River. Seriously, the trip of a lifetime.
This Mouthwatering Ice Cream Trail In South Carolina Is All You’ve Ever Dreamed Of And More
The return of warm weather means many things for South Carolinians.
For some South Carolinians, it’s the return of endless possibilities for outdoor fun. But for all of us it’s a return to our childhood, a time when a frozen treat could wipe out all the worries of the day. We all love retreating back to the place in our lives when Dad would pile us in the car for a drive to get that frozen treat that would make summer seem like the be-all to end-all. For a return back to those days, follow this ice cream trail through South Carolina and eat your way through a revival of those great youthful days of your childhood.
We’ve put together the ultimate ice cream road trip through South Carolina and you won’t be able to resist the treats on this trek through the Palmetto State.
If ice cream is your first love then you’ve undoubtedly made your way all they way through this amazing Ice Cream Trail in South Carolina. Devoid of ANY franchises, this Ice Cream Trail is a sure pleaser! Have you been to the spots listed on this trail? We’d love to know in our comments!
19 Pictures That Will Forever Change The Way You See South Carolina
A picture can say a thousand words and have a profound effect on you. South Carolina has more than its fair share of life-changing photo ops. Here are a few of our favorites here at Only In South Carolina. Enjoy!
With so many beautiful places to see in South Carolina, we’re sure there are so many more.