Locals know that Silver Creek Valley is a great place to raise a family. The scenic Silver Creek Valley resides on a mountain ridge and is bordered by numerous oaks and environmentally protected areas thru the heart of the community while the hillsides, parks and golf courses have estates that can see all the way to San Francisco on a clear day. There's is an abundance of open space, hiking trails and great schools.
Silver Creek value comes from its welcoming warm atmosphere, where neighbors participate enjoying various spectacular amenities enjoying a great convenient location.
There are many upscale home styles and communities to choose from. All the great neighborhoods; Silver Creek Country Club (Gated community), Bel Aire Luxury Estates, The Ranch, Hillstone, The Meadowlands, Tuscan Hills and California Oak Creek have this in common. Pride in ownership is obvious when the residents, whether renters or owners, maintain their homes and care about their neighborhood.
Every home buyer has a wish when looking for a home, while not all of them are granted, the ‘feel good magic’ happens when they start selling homes around neighborhoods of this beautiful area.
It's the people what makes this place a little different from others, It's a great place to live.
Today I would like to speak to you about #1 Financial Benefit of Homeownership: Family Wealth
While growing up, we were taught by our parents and grandparents that owning a home is a financially savvy move. They explained how a mortgage is like a “forced savings plan.” When you pay rent, that money is lost forever. When you make a mortgage payment, much of that money accumulates as equity in the home. So, what exactly is equity?
The equity in your home is the amount of money you can sell it for minus what you still owe on the mortgage. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity.
A recent study by CoreLogic explained that homeowners gained substantial equity over the last twelve months, and are essentially sitting on large sums of cash in their homes. In the study, Frank Nothaft, Chief Economist for CoreLogic explained:
“The CoreLogic Home Price Index recorded a quickening of home price gains during the fourth quarter of 2019, helping to boost home equity wealth. The average family with a mortgage had a $7,300 gain in home equity during the past year, and a total of $177,000 in home equity wealth.”
For most families, their home is their largest financial asset. This increase in equity drives the net worth, or family wealth, of the homeowner. Renters are not earning that benefit. Instead, they’re building the net worth of their landlord.
Home price growth will moderate during the pandemic. But once a cure is available, most experts agree that home values will again begin to appreciate at levels similar to what we’ve seen over the last several years. In the long run, our family elders will be proven correct: owning a home is a savvy financial move.
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“The real estate market is constantly changing. I would like the opportunity to show you some of the new ways in which you are able to buy, sell and search for new homes”.
We continually invest in the latest technology to give you the most up to date information on homes for sale and the most exposure for your property when selling.
Give us a call at 408–741–9300 before buying or selling your next home.
Don Orason, Owner — Silicon Valley Real Estate Team