Why Buying a North Port Home Is a Sound Decision

If you’re thinking about buying a North Port home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.

The City of North Port has seen fantastic growth over the recent years.  

Our year-round weather is a major magnet for both retirees and young professionals who now have more flexibility to work remotely.  “Another major factor is our local tax environment with no state income tax. 

• North Port ranked third in population growth with a 5.5% increase year over year.
• The city’s GDP increased 1.3% between 2019 and 2020 – 26^th in our study.
• North Port had the 10^th highest employment increase in our study at 7.7%

This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.

Home Price Appreciation in the Years Ahead

Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.

The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.

What Does This Mean for You?

Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):

In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.

As far as North Port Home sales they still remain a great value, especially for new home buyers!  If you want to see how the North Port homes sales looking over the recent months see the monthly reports for North Port Florida.