Sarah Chung on the Long-Term Benefits of Homeownership

Everyone dreams of owning a home. Some people use their life savings to purchase a permanent residence, while others apply for loans to buy a home. Regardless of the financing method, the process remains complicated, especially if you are a first-time homebuyer. You have steps and factors to consider to get the best offer on your preferred property. Fortunately, there are real estate experts to advise you on how to get the best deal. One such person is Los Angeles-based real-estate agent Sarah Chung.

Sarah attended UCLA and jumped into the real estate industry right after college. She found it challenging in the beginning. But with time, Sarah broke through and established herself as one of the top real estate agents in Los Angeles. Sarah has over 9 years of experience and since her beginnings, she has traveled all over the city, learning the ins and outs of the market to best assist her clients. 

Sarah has also had the opportunity to work and learn from her lead agent, Kenya Reeves-Costa of The LA Home Girl team. Kenya is one of the top real estate agents in the Los Angeles area with more than 16 years of experience and has also been featured in outlets like LA Times, Buzzfeed and others. Sarah mentioned, “Kenya gave me a chance when I was just getting into real estate and taught me everything I know, she’s the reason I’m able to help clients every day in the pursuit of their dream home.”

Buying a home as a first-time homebuyer in Los Angeles is never challenging with Sarah’s help. She willingly assists clients in all locations and ensures their satisfaction while taking into account all their varying needs. She effortlessly helps prospective homeowners find their dream homes.

That said, a topic Sarah is often questioned on are the long-term benefits of homeownership and whether it’s the right decision for consumers. In today’s cooling housing market, with mortgage rates skyrocketing and mounting economic concerns it’s an important topic to keep in mind. Despite the unique challenges facing homebuyers this year, it’s important to consider the long-term benefits of homeownership.

Recent years have seen significant increases in home values, despite a modest increase in this year’s home price appreciation. Despite differences among states and local areas in home price growth, the nationwide average shows that the typical homeowner who bought a house thirty years ago has seen their home almost triple in value. Therefore, homeowners who bought their homes years ago are still happy with their choice.

Despite the cooling of this year’s market, home prices are still expected to rise in 2023, according to experts. So, even though the pace may be slower than during the peak market frenzy, your home can expect to gain value over the next year. In addition to buying a home, renting is another option, and rental prices have been rising over the past decade. “What’s the point of renting and fighting annual lease increases if you won’t be able to benefit financially in the long run? Rather than renting, consider buying. Investing in your future could be a smart long-term decision.” Sarah mentioned. 

As my lead agent, Kenya Reeves-Costa always said, “Think of a home as a savings account you sleep in”, Sarah added. When asked about why she sees long-term homeownership as an upside for residents in California.

Don’t let the shifting market delay your dreams. Data shows home values typically appreciate over time, and that gives your net worth a nice boost. If you’re ready to start your journey to homeownership, feel free to get in touch with Sarah Chung.