Home Is Where the Heart Is More than Ever This Year
There’s no denying the financial benefits of homeownership, but what’s often overlooked are the feelings of gratitude, security, pride, and comfort we get from owning a home. This year, those emotions are stronger than ever. We’ve lived through a time that has truly changed our needs and who we are, and as a result, homeownership has a whole new meaning for many of us.
Experts Agree: Homeownership Provides a Path to Long-Term Wealth
A recent survey from LendingTree.com found there are multiple reasons why Americans would choose to purchase a home instead of renting. Some of the most popular non-financial reasons given include: the flexibility to make the space your own, the pride homeownership offers, the sense of stability. In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way homeownership builds wealth over time.
![Reasons Renters Buy [INFOGRAPHIC]](https://images.squarespace-cdn.com/content/v1/664518da99a0db1a32b5b0d8/1715804463148-TA10Q0MIJ7SSUB75SKJN/reasons-renters-buy.png)
Reasons Renters Buy [INFOGRAPHIC]
When deciding whether you should rent or buy, make sure you’re considering these factors.
As Home Equity Rises, So Does Your Wealth
Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.
Two Reasons Why Waiting a Year To Buy Could Cost You
If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.
To determine if you should buy now or wait, you need to ask yourself two simple questions:
What will home prices be like in 2022?
Where will mortgage rates be by the end of 2022?
Let’s shed some light on the answers to both of these questions.
Remote Work Is Here To Stay. Can Your Home Deliver the Space You Need?
A lot has changed over the past year. For many people, the rise in remote work influenced what they’re looking for in a home and created a greater appetite for a dedicated home office. Some professionals took advantage of the situation and purchased a bigger home. Other people thought working from home would be temporary, so they chose to get creative and make the space they already had work for them. But recent headlines indicate working from home isn’t a passing fad.
Is It Time To Move on to a New Home?
If you’ve been in your home for longer than five years, you’re not alone. According to recent data from First American, homeowners are staying put much longer than historical averages. As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has more than doubled to over 10 years. The housing industry refers to this as your tenure.
Have You Ever Seen a Housing Market Like This?
Whether you’re buying or selling – today’s housing market has plenty of good news to go around.
Your Agent is Key When Pricing Your House
Pricing your house right takes market experience and expertise. To find the best list price, your agent balances current market demand, values of homes in your neighborhood, where prices are headed, and your home’s condition.
What You Can Do Right Now To Prepare for Homeownership
As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home.
The Difference in Net Worth Between Homeowners and Renters is Widening
Becoming financially secure is an important goal for many people today, but some don’t realize just how much homeownership can help them achieve that dream. A recent report, The Journey Toward Financial Freedom, surveys Americans about their perspective on financial wellness and their goals
Sellers: Make Today’s Home Price Appreciation Work for You
Home prices continue to rise as we move through the summer, and that’s good news for sellers who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?
Save Time and Effort by Selling with an Agent
Selling a house is a time-consuming process – especially if you decide to do it on your own, known as a For Sale By Owner (FSBO). From conducting market research to reviewing legal documents, handling negotiations, and more, it’s an involved and highly detailed process that requires a lot of expertise to navigate effectively.
Homebuyers: Hang in There
Today’s sellers’ market provides unique challenges—and benefits—for buyers. Current low interest rates won’t last forever, and home prices are forecast to rise. If you’re a homebuyer, hang in there. Homeownership improves your quality of life, and the long-term benefits outweigh the short-term challenges.
Homeowner Wealth Increases Through Growing Equity This Year
Building financial wealth and stability remains one of the top reasons Americans choose to own a home, and as a homeowner, your wealth often grows without you even realizing it. In a recent paper published by the Urban Institute, Home Ownership is Affordable Housing, author Mike Loftin illustrates how homeowners increase their equity and their wealth simply by making monthly mortgage payments
Owning a Home Has Distinct Financial Benefits Over Renting
When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation. On the other hand, when you own your home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation.
Housing Wealth: The Missing Piece of the Affordability Equation
The real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there was a double-digit increase in home values – a trend that’s expected to head toward similar levels this year. However, skyrocketing prices are causing some to start questioning affordability in the current housing market. Many are quick to emphasize the fact that homes today are less affordable than they were last year. Black Knight, a leading provider of data and analytics across the homeownership life cycle, just reported on the issue.
Have Your Day in the Sun by Moving Up This Summer
Longer days and sunny weather mean summer is upon us, and what better conditions than right now to upgrade to the home of your dreams?
Why You May Want to Cash In On Your Second Home
When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.
Top Reasons to Own Your Home
June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home. If you’re thinking of buying a home, it might just help you find the stability, community, and comfort you’ve been searching for over the past year.