Building Homeowner Wealth in Media, PA Area
As a local resident of the Media Area you’re part of a community where historic charm meets modern living—a true gem in Delaware County. This blend is more than just aesthetically pleasing; it’s a solid foundation for financial growth. Owning a home here isn’t just about settling down, it’s a strategic investment. Let’s dive into how the Media area is not only a delightful place to call home but also a wise choice for growing your wealth through home equity.
Media Area, A Goldmine for Home Equity Growth
This area’s real estate landscape is a beacon for those aiming to build wealth. With its steady appreciation rates, your investment here is poised for growth. Imagine this: a modest down payment on a median-priced home a few years back could translate into a substantial equity increase today. That’s not just an increase in your net worth; it’s a testament to the power of real estate in wealth building. For a real life actual example, please check out the below chart.
| MEDIA AREA, ESTIMATED EQUITY GROWTH, LAST FIVE YEARS | |||||||
| Month | Sale Price | Sale Price | Sale Price | Sale Price | Sale Price | Sale Price | Sale Price |
| Median, 2017 | Median, 2018 | Median, 2019 | Median, 2020 | Median, 2021 | Median, 2022 | Median, 2023 | |
| Jan | $402,000 | $425,000 | $465,500 | $482,000 | $588,000 | $650,000 | $771,000 |
| Feb | $435,250 | $473,250 | $470,000 | $479,500 | $589,000 | $575,000 | $858,748 |
| Mar | $434,000 | $464,500 | $530,000 | $481,000 | $714,250 | $610,000 | $695,000 |
| Apr | $462,500 | $507,450 | $485,000 | $475,000 | $616,000 | $625,000 | $673,750 |
| May | $475,000 | $451,250 | $495,000 | $563,750 | $615,000 | $712,000 | $700,000 |
| Jun | $505,000 | $500,000 | $535,000 | $551,950 | $675,000 | $680,000 | $633,500 |
| Jul | $525,000 | $512,500 | $486,750 | $539,500 | $693,000 | $750,000 | $697,500 |
| Aug | $485,000 | $542,500 | $547,000 | $585,000 | $647,500 | $791,500 | $805,000 |
| Sep | $530,000 | $505,000 | $495,000 | $577,500 | $597,265 | $677,000 | $687,000 |
| Oct | $475,500 | $525,000 | $499,900 | $545,000 | $635,000 | $609,000 | $770,000 |
| Nov | $476,000 | $446,000 | $535,000 | $552,500 | $645,000 | $700,000 | |
| Dec | $440,000 | $529,000 | $475,000 | $555,250 | $575,000 | $630,000 | |
| Annual Average | $470,438 | $490,121 | $501,596 | $532,329 | $632,501 | $667,458 | $729,150 |
| Down Payment at 3.5% | $16,465 | $17,154 | $17,556 | $18,632 | $22,138 | $23,361 | $25,520 |
| Initial Mortgage Amount | $453,972 | $472,967 | $484,040 | $513,698 | $610,364 | $644,097 | $703,630 |
| Total Closing Costs @ 8% | $37,635 | $39,210 | $40,128 | $42,586 | $50,600 | $53,397 | $58,332 |
| Equity Price Growth to 2023 | $258,712 | $239,029 | $227,554 | $196,821 | $96,649 | $61,691 | $0 |
| Remaining Balance | $392,392 | $419,779 | $440,447 | $478,543 | $581,339 | $626,457 | $698,061 |
| Paydown Equity | $61,580 | $53,188 | $43,593 | $35,155 | $29,024 | $17,641 | $5,569 |
| Total Estimated Equity | $320,292 | $292,217 | $271,147 | $231,975 | $125,673 | $79,332 | $5,569 |
| Est Equity/Initial Price | 68% | 60% | 54% | 44% | 20% | 12% | 1% |
| School Districts Included, Wall-Swarth, RTM, Radnor, Garnet Valley | |||||||
If you bought the median priced home ($470,000) around Media in 2017, just 6 years ago, with the above conditions, your net worth would have grown to an estimated $320,292 by 2023. Contrast that with renting where all you would have to show for the last 7 years of shelter payments would be a stack or rent receipts that helped to make your landlord richer.
Why This Area’s Economy Fuels Home Value
Our thriving local economy, fueled by diverse sectors such as education, healthcare, and tech, creates a stable backdrop for homeownership. With employment opportunities aplenty, residents enjoy financial stability, which is crucial for long-term investments like property ownership.
The Irresistible Appeal
It’s no secret that the Media area historic allure and community vitality draw people in. The area’s rich history, combined with a strong sense of community, makes it not just a place to live, but a place to thrive. This desirability is a boon for homeowners, as it keeps property values on the rise.
Education as an Investment Magnet
The presence of outstanding high schools and higher education (Villanova, Delaware County Community College, Widener University, Swarthmore College, Cabrini College plus over 40 others) isn’t just good for the mind—it’s good for the wallet. Whether capitalizing on the student housing market or simply betting on the area’s educational prestige, great high schools and higher education are pivotal pieces of the investment puzzle.
Navigating Higher Interest Rates
Yes, interest rates have climbed, but don’t let that deter you. The trajectory of home values around Media suggests that buying now is still a wise decision. Higher rates may affect monthly payments, but the equity you build from day one is invaluable.
Tax Incentives: The Cherry on Top
Homeownership comes with financial perks, including tax deductions that can save you significant money. These savings contribute to your wealth-building journey, making this an even more attractive place for homeowners.
The Warmth of Community
Media isn’t just about the financials—it’s about life. Engaging in local events and initiatives enriches the experience of living here, reinforcing the value of your investment both emotionally and financially.
Your Pathway to Homeownership
Ready to take the leap? Begin with financial planning, align with expert local real estate agents, secure mortgage pre-approval, and consider all aspects of the home-buying process, from inspections to closing deals. With each step, you’re moving closer to not just a new home but a savvy investment.
Embrace the opportunities that the area offers for building significant wealth through home equity. It’s not just a residence; it’s a financial cornerstone. Join the ranks of proud homeowners who recognize this area, as a place of prosperity and community.
here is what you need to do to make the right decision for you
- Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
- Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
- It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
- Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
- Do I think that now is a good time to buy that first house or to sell and make that move up buy? Again, absolutely yes.
- To get a quick update of what is new in real estate, click here to check out our new videos.
- Interested in what recent clients think of my service? Click here to read what they say.
- Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
- No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
- If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
- One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
- There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
- There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.