Are you one of the millions of Americans still thinking about buying a home this year? Maybe you think the housing market is unstable? Maybe you think homeownership is way too big of a commitment, or maybe you feel like a house is no longer a safe investment? Well, I’ve found a little news that might put some of your worries to rest.
A recent survey by Prudential Real Estate notes that 96% of Americans still value homeownership. That’s right. Despite the uncertainty we may hear and read about in regards to the real estate market, more than 9 out of 10 Americans still believe in the importance of owning a home. Furthermore, about 7 out of 10 Americans between the ages of 25–34 and 55-64 say owning a home is still “very important.”
Participants in the survey noted space, safety and investment as the three most important reasons for purchasing a home.
Leery home buyers out there should note investment ranked in the top three. Many people still recognize the long-term investment value and opportunity homeownership provides. In fact, according to the survey, more than 60% of people surveyed have positive feelings toward the real estate market.
Need a little more convincing? Stephen Phillips, chief operating officer of HSF Affiliates LLC, says, “The housing market has finally turned the corner…the momentum we are seeing across the economy and real estate market appears sustainable.” In Michigan, one of the hardest hit from the real estate collapse, I often hear how housing prices have increased from previous years or that new home construction has picked up again.
Owning a home is more than just an investment; homeownership provides peace of mind for you and your family.
Survey participants noted safety as the top reason for buying a house, and at first glance it might seem like an odd concept; however, you can think about security in a couple of ways. Most people felt they could chose where they wanted to purchase a home – giving them peace of mind that it’s in a safe area.
I think about safety in another way though. Sometimes I worry that my landlord will want to sell the house I currently rent, and I’ll have to find somewhere else to live. If I owned the house, these conflicts would be a non-issue; I’d have a secure living situation.
For those of you that live in an apartment, you can relate. Every year when your lease comes to an end, you have to either hope that your rent won’t go up for signing another year or you have to spend hours searching for another apartment. One of the first things most of us look at when finding a new apartment is how safe the area is. More often than not, if you want an inexpensive apartment, you might have to live in an unsafe neighborhood. It might be worthwhile to compare monthly rental prices with a potential monthly mortgage payment. You might be surprised that a mortgage payment is less, which may open up your housing options.
Purchasing a home is an investment for your future and your family’s safety, and signs of an improving real estate market are on the horizon. If you’re thinking about purchasing a home this year, don’t wait much longer. With rates still near historic lows and more affordable housing prices than ever, right now is the best time to buy a home.
Do you agree with the findings in this survey? Share you thoughts with other Zing readers!