Owning a home is still one of the best long-term investments you can make, according to Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®. In fact, in a recent Baylor University study, eight out of 10 economists agreed that home prices will rise again in the next five years. Taking advantages of today's buyer opportunities is a smart move because these incentives won't be around forever, but the American dream of homeownership will endure.
"For more than 100 years, REALTORS® have helped people become homeowners," said Keady. "Families need a place to call home, and the pride and community engagement that comes with homeownership continues to stand the test of time. Today's home buyers will reap the benefits of establishing future long-term wealth, both socially and financially."
Homeownership isn't just financially rewarding; it also creates stability and has many social benefits. Purchasing a home is an investment in the community. People have greater stake in what happens in their local area when they own rather than rent. Families and neighborhoods build lifelong bonds that create strong foundations for future generations.
"Studies have shown children of homeowners are stronger academically," Keady said. "There is a certain comfort and security a child feels knowing they have stable place to call home."
Homeownership also helps lower community crime rates. Homeowners are much more likely to participate in local crime prevention programs and be involved in local civic
affairs. Homeowners are also less likely to be welfare-dependent and are generally healthier than those who rent.
For people ready to make the commitment and buy a home, Keady says the timing couldn't be better. Buying conditions are more favorable than they've been in years: home choices are abundant, affordability has improved, mortgages are available and interest rates are low. Even better, the monetization of the $8,000 tax credit is also available for first-time home buyers – this credit expires on December 1, 2009.
"Homeownership is part of the American dream for a reason. It's an investment in your future," Keady said. "If you're on the fence about whether or not now's the right time for you to make that investment, talk to a REALTOR® who can explain the process, identify opportunities in your local market, and show you options that best fit your situation."
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.