Foreword: all statements in quotes are taken from a NAR release.
"Buying a home is a great way to build long-term wealth." Most of us know this, and never questioned it. Especially because of the hot, hot market in years past. Maybe some people are now questioning that statement because of the slow down this year and are hesitant to buy a house. But real estate is cyclical, always has been and always will be. If we are at a low, now is the time to buy, kind of like the stock market.
"If you have been waiting for the right time to buy a home, you should know the facts about homeownership. Right now, interest rates are at historic lows, conventional financing is available and FHA-insure mortgage applications are on the rise. The more you know, the more you'll realize it is a decision you should not postpone any longer."
Other NAR statistics:
"On average, the value of a home nearly doubles evert 10 years."
"The average homeowner today has 36 times the wealth of the average renter."
"Sixty percent of the average homeowner's wealth is their home equity"
There are More Single Women Buying Homes according to this article which points out many women buy for financial independence or for investing in their future. The percentage of single women buying homes was just 14% in 1995 and now is at 22%. Home builders and condo developers have noticed this trend and decorate and provide amentities attractive to women.
Maybe its just me, but I find this interesting. I was one of the 14% in 1995. Glad to have more company now! It was a very good move for me financially and I have no regrets.
Friday, November 2. 2007
Despite tougher times in the real estate market these days, most homeowners feel strongly that their home was worth more than they paid for it - and they are spending on improvements. The most common improvement, 2/3 of respondants, was to kitchens, which is not all that surprising. A large portion of respondants also said that if by chance someone gave theim their dream price for their home, more of them would downsize rather than move to a bigger home.
