…And The Survey Says: Consumers Still Feel Purchasing a Home is a Good Investment
November 3rd, 2008 categories: Chicago Real Estate News
I’ve always considered housing a top investment. To me, it’s far more stable than is the stock market or other investments.
Apparently, most of the general public agrees with me.
It might come as a shock, but even with the housing market struggling through its roughest patch in decades, the vast majority of respondents to a new survey by the National Association of REALTORS® said that buying a home is a good financial decision.
According to the association’s 2008 National Housing Pulse Survey, 85 percent of respondents still consider housing a strong investment. At the same time, two-thirds of respondents said that now is a good time to purchase a home. That’s up nearly 12 percent from 2007.
This is great news. You worry sometimes that people will lose faith in the power of homeownership. But there’s a reason that the federal government has long encouraged residents to buy homes: People who own residences are more committed to a community. They take care of their properties, keep an eye out for suspicious activities and watch out for their neighbors. They are, in short, invested in their neighborhoods, and have a financial stake in making sure that property values in it remain high.
I only hope, then, that the survey results mean that members of the public are ready to start buying again. I’m especially encouraged that so many respondents stated – correctly, in my opinion – that this is a great time to buy a home. Prices are reasonable. Sellers are willing to negotiate. Inventory levels are solid. There is no reason not to buy.
I always counsel my clients to look at market conditions before deciding to buy. Those conditions are extremely favorable now. As the survey says, there’s been no better time in years to purchase a house.
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