Now is the “Best” time to buy according to the Northwest MLS and I would have to agree. Never again in my life time will we probably see prices off about 30% from a few years ago and interest rates close to 4% and with over 40,000 listings in the MLS, there should be plenty to choose from in all price ranges. Buyers who procrastinate risk losing purchasing power because of anticipated increases in interest rates. A 1 percent increase in the interest rate on a $300,000 mortgage increases the monthly payment by $183; it’s not ‘if’ rates go up, it is when.
But there’s more to homeownership than just the numbers. According to a new study by the National Association of Realtors, there are social benefits of home ownership. 6 areas were looked at; educational achievement, civic participation, health benefits, crime, public assistance and property maintenance and improvement.
Consistent findings show that homeownership does make a significant positive impact on educational achievement (teenagers staying in school longer, less teen pregnancy, high levels of achievement in math and reading and fewer behavioral problems). Also increased civic participation (they spend more time and money maintaining their residence and more involved in the communities). Health benefits were another outcome (homeowners are happier and healthier than non-owners). Lower crime rates (the authors concluded homeowners are far less likely to become crime victims, in part because owners have more incentive to deter crime by forming and implementing voluntary crime prevention programs).
In summarizing their review, the authors noted homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes. Two-thirds of all U.S. households who own their home currently are enjoying these benefits.
At a time when a record number of families are walking away from their homes and some are left wondering if owning a home is really a good thing, I believe it’s important to look at the total picture. Your home is suppose to be a safe haven to raise your family and make friends, not necessarily the investment we all got used to thinking of it as.
To read the entire white paper, go to:
http://www.realtor.org/library/library/fg302.
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