As the year draws close to an end, we’ve seen many ups and downs in the real estate market for both buyers and sellers. This NAR survey is promising – showing that long-term home owners feel that home ownership is still a good investment, and that as home ownership increases, so does market stability.
First time home buyers rose from 47% in 2009 to 50% in 2010. Many thanks to the tax credit, but this was also due to an increase in seller incentive, and more affordable homes available on the market. The facts in the attached article paint a more promising picture for the future. What has been your experience? Specifically in the areas where you work?
NAR Buyer and Seller Survey Shows Value of Long-Term Home Ownership
When my family purchased our first townhome in Lake Ridge, VA it was a “bad market in 199.” As our family grew the townhouse got smaller and smaller, and we decided to sell after 13 years in our home. The lenght of ownership in a up and down market did give us the equity we neede to move up to a larger home with funds to pay movers, buy new furniture and a down payment on the new home. So for us, the quick 13 years went by fast and we did have equity to move up. So yes homeownership for several quick years is a good investment.