Benefits of Owning a Home
January 18, 2008
The National Association of Realtors (NAR) is reaching out to
consumers with the facts about homeownership and the value of real
estate as a long-term investment. Would-be home owners who are
uncertain about their home buying plans can learn more about the
options available to them and the long-term benefits of owning a
home through a new advertising campaign that will provide current,
relevant housing data to help them make informed decisions about
buying a home.
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Over
the past 30 years, home values have risen more than 6% annually.
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On
average, the value of a home nearly doubles every 10 years.
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The
average homeowner's net worth is $171,000 -- nearly 46 times that of
a renter!
That's right...over the past 30 years,
the median price of existing homes has increased an average of more
than 6 percent every year, and home values nearly double every 10
years, according to historical data from NAR’s existing-home sales
series. What's more, a Federal Reserve study has shown that the
average home owner's net worth is 46 times the net worth of the
average renter.
Despite this and other research, some
potential homebuyers are being kept on the sidelines as they react
to national media reports about the housing market. “Nobody buys a
home in the national real estate market,” says NAR President Dick
Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach,
Calif. “All real estate markets are local. ... It’s also advisable
to look beyond the immediate horizon — real estate has proven itself
to be a good long-term investment and a safe, secure way to build
long-term wealth.” Give Them the Facts According to NAR’s most
recent forecast, existing-home sales are likely to total 5.66
million in 2007, the fifth highest on record, rising to 5.7 million
in 2008 and 5.91 million in 2009. Existing-home prices are likely to
be down 1.9 percent to a median of $217,600 for all of 2007 which is
good news for buyers; prices are expected to hold steady in 2008,
and then rise 3.1 percent in 2009 to $224,400.
The campaign includes a new Web site,
www.HousingMarketFacts.com, which provides more information
about the benefits and value of owning a home, identifies current
public policy issues of importance to consumers in the real estate
transaction, and allows visitors to link directly to
www.REALTOR.com
to find a REALTOR®. The ads are part of NAR’s Public Awareness
Campaign.
In a nutshell,
there are Six Benefits of Owning a
Home
If you would like to sit
down for coffee and discuss any of these benefits in greater detail,
just call me anytime at 303-520-3179.
