Home Ownership, A Thing Of The Past???

By
Real Estate Agent

 

 

Baseball, hot dogs, apple pie and...home ownership?    Why is it recently that home ownership has suddenly become 'uncool'?  
 
I have had a copy of the September 6th issue of Time Magazine sitting on my desk for weeks titled "Rethinking Home ownership".   There it sat.   I read it.  Then I read it over and over again trying to find the light at the end of the tunnel.  There was none.   The magazine, which many deem their Bible cited horror stories of foreclosures, short sales, declining home values and depressed real estates markets.  I don't doubt that the stories told are true.  I know many have suffered tremendously from the sharp downward turn.   I also know that renting truly is right for some.  But let's not buy into the idea that our home is no longer a good investment.
 
Responsible home ownership will reap a good long term investment.  
 
The key word here is, responsible.  Buyers need to change their thinking.  Home ownership is a commitment that takes time and planning.  You know what, you don't always get the brand new kitchen with the granite counter tops and stainless steel appliances.   You may actually need to save some money (actual U.S. dollars, earned from your job) to pay for the updates you'd like to make to your home.  
 
Remember 'sweat equity'?   Sweat Equity used to be a homeowners best friend.  Poor Sweat Equity was dumped for the more convenient, easy, 'friendly' home equity credit line.  Well, that friend was a two-faced liar.  Somehow, we have really ended up in deep with that relationship.
 
What else does this mean?   Buyers will need to save money for their down payment on a home.  I know I did 20 some years ago when I purchased my first home.   Careful choices will need to be made when it comes to mortgage options.
 
The American Dream needs not be lost.  I am telling my buyers to purchase smart.  Carefully research their ability to purchase and KEEP a home.  believe in home ownership, it's my  front page story and I'm stickin' to it!

  By Megan O'Connell Albright October 22, 2010

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Rainmaker
182,664
Carla Harbert
www.LorainCountyHomeSales.com - Avon, OH
RE/MAX Omega: Lorain-Medina County Area

It could trying times for those to buy a home if more jobs, better paying jobs don't come into play here. I am hearing more and more, of families moving in together because of job losses and unable to pay bills, not even being able to pay an apartment rent. Sad times for many. 

Oct 22, 2010 02:22 PM #1
Rainmaker
1,085,621
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

MOBILITY is the key and homeownership does not allow for MOBILITY to change jobs or relocate for a better education, etc.

Oct 22, 2010 02:27 PM #2
Rainer
69,456
Ryan Smith
Keller Williams Energy Real Estate Brokerage - Pickering, ON

We live in a disposable society. With everything being cheap and able to throw away, its no wonder people are feeling the same way about home ownership. Its been cheapened. People dont see the long term value and potential of home ownership. They want the next big thing, the newest toy etc. And home ownership is just one of those mentalities effected by this idea.

Oct 22, 2010 03:21 PM #3
Rainmaker
114,391
Rick Cignoli
Norcom Mortgage - Watertown, CT
Sr. Mortgage Officer

One thing this housing crisis should have taught us is that a house is a home, not a way to make a quick buck.

Oct 24, 2010 05:07 PM #4
Anonymous
Anonymous
Mike

 

I believe this is policy driven and the government wants to move us from an ownership society to a rental society.  Wealth saved by individuals, be it a 401k savings account, a regular IRA, stock savings or even just a silver coin or a house you have paid off is somehow unfair to others who don't have this and you have the ability to hand this off to your children, thereby giving them an unfair advantage head start - that's why the estate taxes are what they are and income taxes are what they are - the end goal is to make people have to work from start to finish so they can be more completely controlled.  If you own your own home, it's more difficult for the government to come in and mandate certain types of light bulbs or to force you to turn off your heating or air, you can largely do what you want, which may not be in line with their idealized goals. If everyone rents, then you will be subject to the rules of your rental community. Your hvac can be centrally controlled to conform with earth first policies and energy shortgages.  You can also be subject to warrantless searches, so any items you shouldn't own can be reported, such as firearms, which are considered anti government.  This is not an accident, this is not some people having greed (yes, some people were stupid), this is a concerted effort to transform our society from independent sovereign individuals and a sovereign country into a community of workers dependent on a massive government from cradle to grave.  I'm not an alarmist, I am simply observing the debated policies currently under discussion: Forced 401k annuities (code for confiscation), eliminating mortgage deductions, 20% down requirements, temporary jobs as a result of open borders and unlimited off shoring, lower pay (see prior), ever increasing property taxes.  So, go ahead, keep trying to hang on - I love my home too, but I fear we will be priced out, forced out and otherwise just worn down to the point where we actually can't own anything - welcome to Europe. Half the people are cheering this on willingly, which is sad to me.

May 27, 2011 11:18 AM #5
Anonymous
Anonymous
Brian

Mike, you are being alarmist and further your observations are incorrect.

First of all, as a renter or owner you are not subject to warrantless searches.  A landlord must give notice and if they are reporting things to the gov't then they are acting as 'agents of the state' and require a search warrant.  That is from the courts and that's what you need to look to to safeguard your civil liberties.

Would you rent at a place that centrally controls the HVAC?  I don't believe such a place even EXISTS.  Even Nursing Homes have individual HVAC control.

Also, the Gov't hardly got people into this mess.  This was, if anything, DE-Regulation with mortgages carelessly arranged and sold for a quick buck.  If anything, the $$ kings and the gov't is afraid of only one thing:  Uncertainty and widespread discontent by the people.  Getting us into this has put both all the "ruling class" at risk.

 

Is a home a good investment?  Well the mobility point is a big one.  Once you buy you are at risk and need lots of extra money to get out - selling is expensive as is maintenance.  The core problem, though, is that the ratio of income to how much things cost is way out of line.  Not just big things like college, but a new dishwasher is almost 40% of an average person's take home pay for a month!  How can you create stability with such expenses?

Aug 12, 2011 10:28 AM #6
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Rainer
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The Kasey Group

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