Weekly real estate update 5/7/21… nonfinancial benefits of homeownership may be most valuable

Market Stats YTD – 2021-05-07

New listings took a nice jump up this week… buyers, rejoice! I know I really see it as buyers ask for more showings this week because there are new listings they like! Sellers, don’t worry that there are getting to be more listings and more competition. It’s good because it gives buyers hope so they don’t give up. Compare it to how fast food restaurants often seem to cluster together… they don’t see it so much as competition as increased customer interest good for everyone.

Showings slipped a little, following the trend of a couple years ago but don’t worry… buyers are out there, I suspect we will see a bump up again next week.

ShowingTime Stats 2021-05-05

I got an email from HousingWire this week that mortgage rates are surprisingly heading back down, and two different housing bills are working their way through Congress… one a more targeted grant and the a broader tax credit. Whether any of these things materialize or not, housing market demand is still high… the bigger question is whether supply will be there. Rising new listings are encouraging.

As much as most buyers think of taking advantage of low interest rates and think of owning a home as an investment, the article below from our blog at Keeping Matters Current talks about how the non-financial benefits can be even greater.

mom – son in kitchen

Americans Find the Nonfinancial Benefits of Homeownership Most Valuable

Homeownership is a foundational part of the American Dream. As we look back on more than a year of sheltering in our homes, having a place of our own is more important than ever. While financial benefits are always a key aspect of homeownership, today, homeowners rank the nonfinancial and personal benefits with even higher value.

Recently, two national surveys revealed the reasons homeownership is such an important part of life. The top three personal benefits of homeownership noted by respondents in Unison’s 2021 report on The State of the American Homeowner are:

  • 91% – feel secure, stable, or successful owning a home
  • 70% – feel emotionally attached to the homes that have kept them safe over the past year
  • 51% – call homeownership a “key part of their life”

These sentiments were supported by the most recent National Housing Survey from Fannie Mae, which also shows that the top three reasons Americans value homeownership have nothing to do with money. Those surveyed were given a list of feelings and accomplishments that are associated with or impacted by where we live. They were then asked, “To achieve this, are you better off owning or better off renting?” Here are the top three points from the list that respondents said homeownership could help them achieve:

  • 91% – control over what you do with your living space
  • 90% – a sense of privacy and security
  • 89% – a good place for your family to raise your children

Other nonfinancial advantages of homeownership revealed by the survey include feeling engaged in a community, having flexibility in future decisions, and experiencing less stress.

Bottom Line

Financial and nonfinancial benefits are a key component to the value of homeownership, but the nonfinancial side is most valued after a year full of pandemic-driven challenges. Let’s connect if you’re ready to take the first steps toward becoming a homeowner.

Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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