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REALTOR®: Homeownership Continues To Be a Major Goal for Most Families

Wednesday, June 2, 2010

At some point in time most people are faced with the decision to either buy a home or continue renting, and with the expiration of the home buyer tax credit, that choice may be on many people's minds these days.

Renting can make sense for those not yet ready to take on the responsibility of homeownership, but for those in a position to purchase a home it can offer immediate benefits and long-term value.  According to Jeff Bell, president of the Silicon Valley Association of REALTORS®, the benefits of owning a home go beyond financial considerations.

"Homeownership is an investment in your future," said Bell. "While financial considerations are certainly important, a lot of today's buyers are motivated by things beyond just dollars and cents. For many of them, homeownership is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community."

For many people, owning a home is part of the American dream. It continues to be a goal of individuals and families from all walks of life. The National Association of REALTORS®        2009 Profile of Home Buyers and Sellers survey reveals buyers most often cite the desire to own a home as the primary reason for their recent home purchase.
  
Research suggests homeownership also strengthens communities. Homeowners are more likely to be involved and engaged in local issues, and they move less frequently than renters. This helps prevent crime, improve childhood education and support neighborhood upkeep. According to the National Association of REALTORS® study, Social Benefits of Homeownership and Stable Housing, homeowners are more likely to vote and they volunteer time for political and charitable causes more frequently than renters.

"Buying a home provides families the opportunity to establish roots in a community. It's also proven to be one of the best ways to build long-term wealth, with equity accumulation and tax benefits over time," said Bell.

Data from the Federal Reserve Board shows a typical homeowner's net worth is 46 times that of a renter's. Bell says would-be homeowners should also consider the incredible opportunities offered in the current market. 

"The truth is, today's buyers have a lot of advantages. Prices are affordable and mortgage rates are near 50-year lows," said Bell. "A buyer who's ready to take the next step should contact a REALTOR® in their area who can help them begin to build their future through homeownership."


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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