“Real estate is still the best long term investment- and the American dream of homeownership is still alive and well!” Naturally, you would expect those words to come out of a real estate agents mouth! But would you be surprised to know that the general consensus of most Americans (non-REALTORS®)? The boom and bust crushed Americans faith in property as a solid investment, but long term the historical data paints a different picture. (However- if you are thinking of buying a home and selling it a year or two later you are playing it risky- it usually takes a few years to recoup closing costs, etc. to make it worthwhile unless the market has gone up considerably in a short period of time).Americans believe real estate still beats out other investment vehicle in every age group, and in all the stratified income levels on the chart below. Interesting!
And what about the housing market bust of the previous decade and it’s effects on younger people? According to a report from the Joint Center for Housing Studies at Harvard University, the younger set surveyed is more likely to expect that owning a home is in the future even more than their older counterparts. This really is great news for the future of the housing market. Also noted in the study is that there is still a strong preference in our culture to own rather than rent. I know I have my own warm and fuzzy feelings about owning our home- I am unabashedly emotionally attached to it!
So, what do you think? The Property Aces Team would really like to know where our clients, future clients, friends and residents of Oro Valley, Marana, Catalina or Tucson weigh in one this. Send us an email anytime!