Is Buying a Home a Safe Investment?
This question was recently put the test in survey conducted by Fannie Mae of 3,451 homeowners and renters. The answers were then compared with a similar questionnaire from 2003.
Of those questioned, 70% responded that they would still trust putting their savings into a home. In the same survey, only 17% felt confident about the stock market as a safe investment.
Despite all that has happened in the housing market and the economy over the past few years, people still recognize a tremendous value in home ownership. A person's home is much more than a mere financial investment; it is also a quality of life. It is not only a matter of shelter and a comfort but is also a measure of where a person is in life and is still viewed as part of the road to retirement.
Other reasons for home ownership still remain in tact. Those include pride of ownership, appreciation in value, as well as tax deductions.
Although the attitude toward home buying remains positive, respondents also recognized an increase in the difficulties in obtaining mortgage financing and, in general, a more cautious approach than was evident several years ago.
However, more confidence was expressed with regard to the direction of the market with 73 percent stating that home prices will either go up or stay the same in 2010.
Interestingly enough, two-thirds of those questioned felt that now is a good time to buy a house. That is the exact response that was given in 2003 which was prior to the housing boom.
The more things change - the more they stay the same.
Copyright 2010 "Is Buying a Home a Safe Investment?"
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
Your Buyer Broker for Massachusetts Since 1992
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