There is no doubt that the last few years have left homeowners and home shoppers wary and even afraid of the real estate market. Many question whether home ownership even makes sense any more.
At I-94 Homes we want you to know the answer. And the resounding (and some believe surprising) answer is YES. Here’s why.
1. It Still Makes Financial Sense. Mortgage rates remain at an all-time low and are becoming easier to obtain. And housing prices, although rising, are still low and affordable. The reality is that it is cheaper to own than rent. And depending upon where you live, that savings can be considerable. A Trulia survey of 100 major metro areas in 2012 showed that owning your own home was 44% cheaper than renting. And overall, Americans who have a large net worth are homeowners, which indicates that ownership is a stepping stone to creating wealth.
2. A Sense of Place Matters. For most of us, a house becomes a home when it is ours, when we pull out the carpet and refinish the floors or when we build it from scratch attending to every single detail from the thickness of the insulation to the color of the cabinet hinges. Knowing that a place is ours gives us a sense of security and permanence. It also instills in us a sense of identity. Home is where we go back to and where we are from; whereas, a rental is what we hop to and from when we are young or unsettled or uncertain. Ownership means freedom. Ownership reflects our pride.
3. Owning a Home Is Still the American Dream. Since the real estate market downturn, much debate has ensued about whether home ownership is still (or should be) such a strong and intrinsic desire for Americans. An April 2013 Gallup poll put to rest that question in black and white numbers. 62% of all Americans currently own their primary residence and 25% of non-homeowners replied that they intend to buy their own home in the next ten years. Furthermore, a recent study by the Joint Center for Housing Studies at Harvard University reinforced the belief that homeownership is desirable in spite of the recent housing crisis. According to the study, even young people recognize the appeal of home ownership and intend to buy in the future. Culturally, owning a home goes beyond the four walls, garage and fenced-in backyard. It also implies community in the sense of a neighborhood, and that, too, is part of the American Dream.
Entering into the real estate market doesn’t just make sense. It’s part of who we are.