By Jessica Clark, buyer agent for Suzanne and Company
I recently attended a home inspection with a buyer I have been working with for quite some time. She is a single mother with a grown daughter and a son in middle school. Her mother also lives with her. We had a difficult time finding a home in her price range that met the majority of her search criteria.
In addition, the local market in her search area is very competitive in her price range -- any home that came on the market either had multiple offers within days or needed much more work than she was able or willing to take on. She has been saving to buy a house for many years -- to her, owning a home is all part of fulfilling the American dream. An added bonus to finally being ready to purchase now is the low interest rates making her monthly mortgage payment less than her current monthly rent payment.
It can be challenging educating buyers on the local real estate market with all of the negative headlines being generated by the national media. However, it came as no surprise to me when Meredith Corporation released a survey which found:
86% of homeowners polled still feel owning a home was a good investment.
85% say they feel, "owning a home is one of their proudest accomplishments."
Of Americans that don't currently own a home, 69 % agree, "No matter what happens in the U.S. housing market, owning a home is still an important goal in my life." See the complete survey results.
Real estate is local and it is vital to review your local real estate market with a professional Realtor when considering whether to buy or sell. What is going on in the national housing market is important only when viewed in combination with what is happening locally as well. Furthermore, your individual requirements are the most important consideration to determine when it is the right time to buy or sell for you and your family.
As for my buyer, her home inspection went fabulously! After it was complete, she ran from room to room envisioning where each family member's rooms will be and where their furniture and pictures will be placed. She is one step closer to closing on the home she has dreamed about for a long time. It was a rewarding day for her -- she will soon be in her own home instead of renting a home belonging to someone else -- and it was a rewarding day for me as I helped my buyer accomplish her dreams!!!