You're Probably Making Money on Your Home & Don't Realize It

We all know a home is one of the biggest investments we will ever make in our lifetime, however we know very little about the asset itself. A good portion of American homeowners were unaware of the growth value in homes for 2014, when in reality homes grew by 4 percent, and by double digits in more than 65 metropolitan areas across the United States!

The gap between what homeowners thought and reality was quite evident in Florida. Values of homes in southern Florida rose by 12 percent, which is roughly $23,000 per home, yet a fifth of all Floridians didn’t think values moved at all. In Tampa, the values rose by 9 percent, boosting homeowners’ properties by $12,300, all while 45 percent of the residents in Tampa believed the market never moved.

In Boston, 23 percent of residents believed their property values hadn’t changed, and they were right. Most metropolitan areas had residents undervaluing their homes; Boston on the other hand, overvalued their home prices.

Residents of Washington D.C. were the only ones who accurately predicted how their homes changed. They said anywhere from 1 – 3 percent, which is correct.

We will continue to see how the market rises or falls in the coming months.

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