As many qualified would-be buyers are opting to rent instead of committing to a real estate purchase, it seems to me that many are missing out on one of the most incredible opportunities in the last 100 years.
Many agonize about trying to determine exactly when the market has or will have bottomed out. They don’t want to invest in a property that could lose some monetary value in the near future.
But a home is not a stock or a bond. A home has intrinsic value that goes way beyond money. It is a place where dreams are fulfilled and memories are created.
Home is a place where we change the paint colors to suit our personalities, and where we tend our gardens that will mature and age more gracefully than us! The longer that we own a home, the more it becomes a part of us and the more it reflects who we are as a distinct human entity.
What kind of price would you set on the value of carrying your new bride across the threshold, or bringing a newborn infant home from the hospital or a greeting a returning serviceman or servicewoman and then uttering two of the most beautiful words in the English language:
“Welcome home!”
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Richard, you are so right, there is more than monetary value in a home. And with prices where they are, and rates, oh wow the rates. Time to make some wonderful memories for sure. Love that photo by the way, I would kill to be sitting there right now, LOL.
I try to relay to my buyers all the time that a home is a place to make memory's and if you happen to make some valued money down the road then that is great to.
The difference betwen HOME and HOUSE is clearly understood by home owners and those who wish to be.
Great Post - everyone needs to read this!!!
Well written, Richard. Interest rates have not been this low since the post WWII era. In any case, the American Dream is not about whether a home will be a profitable investment!
Andrea...
I agonized over the photo for this post for over 30 minutes before I decided that this one conveyed the message that i wanted to send. Have a great day, my friend.
Dennis...
And how can you put a dollar value on the? Thanks so much.
Lenn...
I do think that some need to be reminded at times! Have a wonderful Tuesday!
Richard...
Thanks. I felt good about this one after I wrote it!
Brian...
And I never saw the "investment" value in a rental. Thanks so much.
Richard, when my clients talk about the return on investment I remind them they can't raise their kids in a stock or bond...or build a tree fort on a bar of gold.
The sense of home and homeownership carries beyond the building to the neighborhood and to the city. Onwersip is like Semens who say they don't make the product, they make it better.
Nice thing about a home..it can change with you as your life changes. A home is your roots - not a place where you stay. Well said!
Well put, Richard. As the old saying goes, "home is where the heart is"... NOT house is where the heart is.
Hi Richard. Well said.
Many that end up renting (me included) don't have a choice, however. Still can't afford purchasing...
Thanks for writing,
Ken
Richard....homeownership is a very, very emotional situation....having a home is staight path to providing wonderful memories of life with loved ones.....everytime we sold a home, it was very emotional for me which was why I never listed my own properties....I just listed with an agent in my office and paid her a commission....that's my soft side.
This is well stated and helps look at home ownership from another angle. You saying its all about the value, I like the value your way. Home ownership gives a person, a family, pride and stability.
Here's part of the problem we're seeing in the Bay Area of Northern CA. The inventory is very low. Some folks who have sold their home don't have much to choose from in a particular location, price range, or home style. So, they rent to allow themselves time to pick a home, not just buy a house!
We are finally getting back to the real reasons to own a home. I know in my area the schools are fantastic and that is a great reason to want to be a homeowner.
What beautiful sentiments. Home IS where the heart is and it is the place where we build our life and our memories. Thanks for putting this into perspective.
Richard,
Thanks for putting this into perspective for so many! You are absolutely correct and it's our duty to remind potential homeowners of the intrinsic value that will sustain a lifetime!
Excellent post!
There is a difference between a home and a house. A home is an attitude, feelings and emotions while a house is simply a structure. Nice post.
It's NOT a business decision, it's your home...Simple.
Hi Richard -- I too would lose serious money if I were to sell my home today but I would do it again, knowing then what I know now, as my children have a stable, safe, secure and fun place that they will treasure for the rest of their lives and that is a sacrifice I would always make for them. Moreover, I love being a homeowner and I am slowly building equity and I plan to stay in my home for a long time. This market, while extremely painful for some, makes one realize that home ownership should be viewed as a long-term investment, which is hard to do these days in this mobile society of today.
Some do need to be reminded about the difference between a house and a home. They were appreciating so well here in certain areas they were like ATM's.
Richard, I have sol a lot of homes over 20 years and rarely have I had someone say I am doing this for the tax write off. Ownership is the dominating value.
Too many people have forgotten this. Thanks for the re-blog button! :)
Home ownership is also an expression of independance and a means of personal security. With so many upside down homes, strategic this and that, etc, it's nice to know that the place I lay my head at night is not subject to the whims or failings of a landlord.
Richard.. this is excellent. I think a lot of the problem that I see with some realtors and loan officers, is that they talk about negative equity. I wrote a post about this that stemmed from a comment on Trulia from a realtor that said that all buyers should be putting 20% down.. that you are underwater on a FHA loan from day one. There is some truth to his 2nd part of his comment, but that is just stupid and negative in my opinion. I then wrote my post and stated that home ownership is much more than owning a home, but a place for memories, etc, etc. But you did an excellent job in taking this a step further and I am going to link your post in my post that I did like 10 days ago. Again, great job here.
Good points, in todays market drive age, its all about the cost, profit or margins. Its important to help the client remember what 'home' really means...
You're right Richard. When my parents bought their first home in the late 1960's there was little thought as to what the future value of the property would be. They simply wanted to own a slice of America that they could make their own and where they could raise their children. That home became a part of us over the years as we built memories and pursued our dreams. Whenever I go back to visit family in the city I almost always drive by to take a look at our old home and revisit the neighborhood. There is indeed value that don't add up in dollars an cents.
Richard, Great post. And, exactly why I don't understand strategic walkaways. Just sit it out and the values will return. I predict that many people will be kicking themselves in the ten years from now. Shoulda stayed, shoulda bought.
Very nice post! Owning your own home is more than an investment, it is where you build a life with your family and make memories that will last a lifetime.
The perception that one could lose money by buying a home is flawed. If you sell for less than you paid, it is a cost of living, not a loss. A would-be homeowner needs to consider the most important investment in his/her life. That is an investment in their family's quality of life. Delay a decision by a year, and lose 10% of your eight year old's opportunity to experience that quality. How many dollars is that worth?
Dreams are meant to come to fruition before they become missed opportunities.
Your photograph of the two rockers really has a warm, homey feeling to it. It is a perfect picture to accompany your blog post.
beautifully said. Home is more than just a monthly payment. Its a memory bank to build on for years to come.
Yes, even in this market (especially in this market) one needs to remember to place the cost of ENJOYMENT in the equation before they look at the bottom line.
Nice post.
Nice post Richard. I think it's something that we need to remind clients about all the time - this your HOME - not simply a house!
Richard, I love this. This is the very reason it's so hard for people to part with their homes...they place more value on it because so much of their lives are tied into the house. Also, great photo selection. I envisioned a couple growing old in those chairs.
Richard, this is one of my favorites of yours. It's a reblog in Southern Maryland now!
You keep out doing yourself Richard. Well said and well written, thanks.
Thanks for the good post today. I enjoyed it.
Patricia
Good blog post Richard. Money is important, but in the end, you LIVE in a house.
This is such an awesome point. Home is so much about belonging - and it's different from just somewhere to live.
Case in point: a friend's daughter is having to move after just moving into a lovely upscale home last year because the owners want to move back. So now she has had to uproot her kids again and the hung for a rental in the same neighborhood wasn't easy. New house is too small but will have to work. There is a security (if you make the payments) that just isn't there in a rental. A feeling of permanence (even though we move every 5 to 7 years). It's way more than the investment.
I love it! I love it! And, I'm reposting it.
Great post, Richard. I am re-blogging it.
This is the most beautifully written post of the value of home ownership. You can't put a dollar value on a home where you hang your heart. The picture is beautiful.
I know I'll always remember bringing my boys home from the hospital.
Also - a lovely photo.
Richard - beautifully written post and so, so true. HOME is where the heart is and where we make so many memories.
Very good post Richard! You make an excellent point!
Richard,
I had missed this fantastic post but saw a reblog! So true.....our gardens do age more gracefully...LOL
Hi Richard,
Couldn't agree more. We try to impress this upon our clients but it does fall on deaf ears sometimes. We generally find clients who don't really consider this have "messy" personal lives.
~Lisa
Richard - so many people started playing investors, and it is a weird phenomenon. they lost the "innocense" of owning a home as just a home, and not investment, but they did not reach the status of an investor.
I had a client, who was a high worth gentleman, lived in fancy homes and condos, and was selling them every 2 years and moving to yet another one.
There was a strategy behind it, the tactics, but what he was missing on was the sense of a home, something where you have your heart and which is not for sale.
He became a high worth homeless