33445, Delray Beach, FL

Home equity is the difference between the market value of a home and the amount of money that a homeowner owes on their mortgage. In general, homeowners in a healthy economy will see their home equity grow over time as they pay down their mortgage and save for future expenses.

In recent years, home prices in Delray Beach have increased significantly faster than inflation, meaning that many homeowners are seeing significant increases in their home equity. As of September 2017, the median home value in Delray Beach was $463,100, up from $388,200 just five years earlier. This rapid growth has led to widespread speculation in the local housing market and contributed to rising interest rates on mortgages. However, while this may be bad news for some homeowners who are struggling to pay off their mortgages quickly enough, it is good news for others who are able to invest their extra cash flow into growing their home equity even further.

While there is no guarantee that prices will continue to rise in Delray Beach or anywhere else across the country, investing in property can provide long-term stability and security – something that is increasingly difficult to find in today’s economy. If you are thinking about buying or selling a home in Delray Beach – or anywhere else across Florida – speak with an experienced real estate agent who can help you navigate the complex local housing market