June is recognized as National Homeownership Month. As leading advocates of homeownership, the Realtors understand the value to owning a home.
"National Homeownership Month is a time to celebrate and promote the modern American Dream of owning a home," said National Association of Realtors president Elizabeth Mendenhall in a statement. "Homeownership changes lives and enhances futures, and many Americans see it as one of their greatest hopes."
Numerous studies show Americans understand the value of homeownership in fostering communities, creating social stability, and building wealth over the long term. In fact, homeownership is so desirable that Americans are willing to do without certain luxuries and even basic rights if it meant getting help with a down payment that they wouldn't need to pay back, according to one recent online survey. The survey of 1,000 potential homebuyers conducted by Atomik Research found they would forgo their dream car (44%), vacationing for the next five years (38%), eating out for the next five years (35%), and even their right to vote (22%) if they were gifted with a 10 percent down payment.
"I wouldn't go as far as giving up the right to vote, but these findings reinforce the value of owning a home for most Americans. We are seeing it in our own region where with rising home prices caused by a limited housing supply, and even with mortgage rates trending upward, we are still seeing multiple offers on homes," said Bill Moody, president of the Silicon Valley Association of Realtors.
"President Franklin Delano Roosevelt once said, 'A nation of home owners is unconquerable.' As Realtors, we are proud to be in the industry that makes homeownership possible. Homeownership is a long-term investment that builds wealth through overall appreciation," said Moody.
In addition to equity gains and the tax benefits, there are many social benefits derived from homeownership. "Since they do not move as frequently as renters, homeowners provide more neighborhood stability. They become part of a community and get involved in community issues, which helps prevent crime, improves education and neighborhood upkeep," said Moody.
The National Association of Realtors cites the following documented social benefits of homeownership:
"Realtors are committed to making homeownership a reality for those who want to achieve it, so families can have a place where they can feel secure, build their financial futures, and strengthen communities," said Moody.
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 email or call the SILVAR office at (408) 200-0100.