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Benefits of Owning a Home
January 18, 2008
That's right...over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. What's more, a Federal Reserve study has shown that the average home owner's net worth is 46 times the net worth of the average renter.
Despite this and other research, some
potential homebuyers are being kept on the sidelines as they react
to national media reports about the housing market. “Nobody buys a
home in the national real estate market,” says NAR President Dick
Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach,
Calif. “All real estate markets are local. ... It’s also advisable
to look beyond the immediate horizon — real estate has proven itself
to be a good long-term investment and a safe, secure way to build
long-term wealth.” Give Them the Facts According to NAR’s most
recent forecast, existing-home sales are likely to total 5.66
million in 2007, the fifth highest on record, rising to 5.7 million
in 2008 and 5.91 million in 2009. Existing-home prices are likely to
be down 1.9 percent to a median of $217,600 for all of 2007 which is
good news for buyers; prices are expected to hold steady in 2008,
and then rise 3.1 percent in 2009 to $224,400.
If you would like to sit down for coffee and discuss and of these benefits in greater detail, simply contact our sponsoring Denver Realtor anytime at 303-520-3179.
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