June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.
The Emotional Benefits of Homeownership
Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.
Your Home Can Reflect Your Tastes and Personality
Investopedia puts it like this:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”
That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:
“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “
And that can create a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
The Financial Benefits of Homeownership
When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.
According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.
Prosper, Frisco, Celina & McKinney
Although we have seen a little softening in the market in some areas the past three months, prices remain dramatically higher when compared to twelve months ago. Prosper +24%, Frisco +25.8%, Celina +42.8% and McKinney +25.8%
Lack of available homes continues to be the primary cause of the solid price increases we’ve been experiencing in the area. The number of homes available for sale in Prosper is -47.6%, Frisco -43.1%, Celina -42.9% and in McKinney -25.7% when compared to the same time last year. Based on forecasts for 2022, we won’t be seeing inventory levels like prior to 2019 anytime soon.
Days on market is the number of days a home is on the active prior to the sellers accepting a purchase contract. Due to lack of inventory and an abundance of buyers looking for homes in the area properties are going into contract within 6-8 days. Rule of thumb is if you’re looking to buy a home and something you like comes on the market, see it TODAY!
Percent of Original price is the percent over asking price that a home is selling for. While we are well off the highs we saw this past June, homes are still garnering multiple offers and buyers are offering over asking price along in hopes to have their offer accepted.
Whether you’re buying a new home or looking to sell your existing home our team uses the latest tech to streamline your experience and finds out-of-the-box solutions to any challenges. We help you make timely, accurate decisions, but most importantly, we offer you personalized service and loyalty. We’re here to ensure that you enjoy a real estate journey with Merit — one that delivers top value and one you’ll remember for years to come. Click here to contact us to see how we can help you achieve your real estate goals.