Nether Providence Home Values are are basically the same as Wallingford Home Values as the two entities have almost the same borders.
As we say frequently on our “Dad and Daughter Talk Real Estate” program, residential real estate is the single most reliable way to build individual and family wealth. Nether Providence Home Values are a sterling example of this principle.
NETHER PROVIDENCE TOWNSHIP, MEDIAN HOME VALUES, 2015 THROUGH 2020
If you had purchased the median priced house in Nether Providence Township in 2015 ($335,000), by 2020 your net worth would have been $85,000 more than if you had kept on renting.
But John you say, I do not have a 20% down payment ($67,000) to get started. Not to fear, there are lots of down payment options for a lot less than 20%.
For example, if you used the Federal Housing Administration lowest down payment option (3.5% ) you could have owned that house for a total investment of about $33,000; monthly payment of about $2,513.37. Probably about the same as you are paying for an apartment right now. And it may be possible to arrange for a seller assist of up to perhaps $10,000. That would lower your cash needed for the deal to about $23,000.
And we have not even mentioned the tax advantages. You can deduct your mortgage interest and property taxes. Married you can claim up to $10,000 in property taxes and all of your interest on mortgages up to $750,000.
For this house the taxes are $11,350 so the maximum you can deduct is $10,000. Add interest of about $9,900 and you should be able to reduce your federal taxes by at least $2,000. (Assumes a 12% marginal tax rate).
And consider this, for your total investment of $33,000, you have an increased net worth of $85,000. That is a 257% return on your money. Try matching that in the stock market.
And all the while you enjoy life a lot more by living in your very own home.
Interested, lets get together and discuss how to get your and your family on a faster track to a lot bigger net worth.
For a good general update on our local real estate market, check out our video page.
And if you are thinking about buying or selling, I would love to be one of the realtors you interview. Please check out what other clients think about me.