Thinking of buying a North Shore home this year? What’s the first thing that comes to mind? As a North Shore Real Estate agent, I hear the main concern with buying a home is the price tag.
The media produces constant reports of where the real estate market is headed, how we’re currently living in a buyers market and the fact that home prices and interest rates have reached all time lows. Consequently, one of the questions I get asked often is if now is the best time to buy or if North Shore home buyers should wait for home prices to drop even more.
And, while the majority of conversations and questions revolve around the financial aspects of buying a home; this is not the reason for buying a North Shore home. At the end of the day, no matter what the market is doing; the American Dream of home ownership is at the root of it all.
In fact, a few recent surveys prove that when asked the reasons for buying a home, buyers didn’t mention the cost at all. Take a look!
National Housing Survey
The top five reasons given in the survey for buying a home, in order, are:
▪ It means having a good place to raise children and provide them with a good education
▪ You have a physical structure where you and your family feel safe
▪ It allows you to have more space for your family
▪ It gives you control of what you do with your living space (renovations and updates)
▪ Paying rent is not a good investment
The Myers Research and Strategic Services Survey
The top five reasons given in the survey for buying a home, in order, are:
▪ Home ownership provides a stable and safe environment for children and other family members
▪ Home ownership means the money you spend on housing goes towards building equity, rather than to a landlord
▪ Home ownership creates the opportunity to pay off a mortgage and own your home by the time you retire
▪ Home ownership creates the opportunity to live in a neighborhood that you enjoy
▪ Home ownership allows you the right to decorate, modify and renovate your home as you see fit
So it seems that, while the price of a home does play a role in finding the right home, it does not affect the reasons for buying a North Shore home. At the end of the day, people want to own a home as a way to invest in the future of their children, their well being and sense of pride in ownership. The American Dream lives on in spite of the housing market!
If you are interested in buying a North Shore home, but have been leery of jumping into the North Shore Real Estate market; I would love the opportunity to talk with you! Getting to know the facts about the North Shore Real Estate market, the current homes that are available in the North Shore and your options for financing will give you the confidence you need to take the next step.
Please feel free to contact me today as I would enjoy helping you find the North Shore home of your dreams!
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