Buying a home in any market can be challenging, let alone a seller’s market. If you are currently on your homebuying journey, don’t be discouraged. Your decision to buy a home will be worth the effort in the long run.
Take a look at this recent survey from Bankrate, which shares that nearly three out of four homeowners say they would still buy their current home if they had to do it all over again. Most homeowners agree that both the financial and non-financial benefits of owning their home outweigh the effort needed to achieve their dream of homeownership. Keep this in mind along your journey and take a look at a few more reasons to stay focused below.
One of the most common financial perks to homeownership is the ability to build equity. In fact, a recent article from the National Association of Realtors (NAR) elaborates on this benefit, saying:
Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity… Building equity in your home is a ready-made savings plan.
Equity is a powerful tool that homeowners can leverage in a number of ways. As of late, home price appreciation is on the rise, and today’s homeowners are seeing record levels of equity today. Hence why so many view owning a home as a great investment and a top indicator of financial well-being. Bankrate’s recent survey also shares:
…Americans place a higher value on homeownership than on any other indicator of economic stability…
It’s important to note that owning a home ranks above other major life accomplishments like obtaining a college degree, having a successful career, and retirement. Indicating just how impactful the financial benefits of homeownership truly are.
While the financial benefits to homeownership are often thought to be the most important, owning a home has other perks. In NAR’s list of top reasons to buy a home, they highlight a few non-financial benefits to homeownership. Among them you’ll find the opportunity to customize your home to truly make it yours. They share:
The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
In addition to the freedom to personalize your living space, homeowners also rank “stability” as a top perk to owning a home. Homeowners typically stay put longer than renters, and according to NAR, this provides the opportunity to grow closer to your community. This often results in a sense of pride and leads to better relationships.
From building personal wealth to building better relationships, the value of homeownership is indisputable. While buying a home in today’s market can be challenging, the payoff when you close on your home will be worth it. Whether you’re ready to dive in or you still have a few questions before you commit, give us a call! Our team of local and experienced mortgage bankers are here to answer all of your questions, and keep you focused and encouraged on your homebuying journey.
Topics: Home Equity, Mortgages, Personal Wealth, Personal Finance, Home Prices, First Time Homebuyer, Housing Market, Market Outlook, Homeownership, benefits of homeownership, benefits of owning a home, Sellers Market, Making Strong Offer in Sellers Market