27 Nov Why we can be thankful for our Minnesota real estate market
Why we can be thankful for our Minnesota real estate market
During this week of Thanksgiving it is important to reflect on what is good in our life’s and why we should be thankful.
Minnesota real estate is no exception.
Besides the givens…it is wonderful to have a roof over our heads, a warm place to call home and space for our family and friends to visit.
There are other things to consider if you own a home in Minnesota. Minnesota real estate has appreciated over 12 percent the last year. So, if you bought a home for $300,000 last year and put 10 percent down as your down payment, it means you had $30,000 as your investment. But you received 12 percent return on $300,000, or $36,000 in just one year. What other investment gives you over 100 percent return in one year? Plus, a home improves your lifestyle and quality of life. In addition, you can write off the mortgage interest on your taxes. You would be hard pressed to find that kind of return on any investment in the marketplace. Especially an investment that gives other rewards and has low risk.
We can also be thankful for the amazing low interest rates. At 2.25 percent for FHA/VA and 2.35 percent for conventional you can refinance and lower your monthly payment or shorten the life of the loan, or both. Also, if buying a home, it gives you greater affordability.
Lastly, in difficult times, like our current pandemic, our home is our sanctuary, our home office, where we gather our family and where we escape from the drama and anxiety of this new temporary reality.
We have so much to be thankful for and home is where they gather.
Look for more articles and videos in the future on different aspects of Minnesota real estate and our state of Minnesota.
Real estate is a wonderful investment!