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"
