Why Buy?

A survey done by the National Association of REALTORS® of 6,000 homeowners and 2,000 renters revealed several important answers.

• Pride in owning: Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying - the satisfaction of owning and freedom from paying rent - are at least as important.

A survey done by the National Association of REALTORS® of 6,000 homeowners and 2,000 renters - perhaps the largest ever of attitudes toward home ownership - showed that 76% of owners and 66% of renters considered pride of ownership an important reason for buying.

• Dislike paying rent: Almost equal portions of owners and renters - close to 7 in 10 - said a dislike of paying rent was an important reason to buy.

• Make home a reflection of you: Also an important reason mentioned by more than 6 in 10 owners and renters was an owner's ability to control and modify a home's features.

• Settling down: More that 6 in 10 renters said "settling down" was an important reason to buy.

• Good investment: 76% of owners and 69% of renters said the investment aspect of ownership was important.

• Long-term appreciation: People consider home ownership a good investment because they view it as a long-term venture. Historically, home prices have risen at relatively steady rates. Existing home prices rose an average of 4% per year between 1980 and 1992.

• Leverage investment: People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation.

• Source of savings: Home ownership always has and continues to comprise the single largest source of savings for American households.

• Sacrifices are worth it: Almost 7 in 10 renters in the NAR home ownership survey said they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice to do that.

	Jan Keenan ABR, CRS, GRI, SRES Referral and Relocation Certified
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