Is Home Ownership still the American Dream?
For me the answer to this question depends on where you are in life . I also believe it depends on your childhood experience. Home-ownership was always my dream and yet with this market I find myself wondering if I should sell my upside down mortgaged home.
I have experienced several different types of housing markets during my career. I began selling homes in 1994 when interest rates where high. Although, I have been in the business for several years I have never been a “lucky” home-owner. I have bought and sold several times and only once was able to make an ok profit. I have been involved in several transactions where the sellers made a ton of money at the time of sale or during the time they owned the property through home equity loans. There is a couple of words that are almost extinct – home equity loans.
So, in today’s market do you see your home as an investment or a place to live? I think that for several years we all saw our homes as investments and even cash machines. Sure a home is always an investment but for several years that word had a totally different meaning. I have always seen my home as a place to live and a stepping stone to the next place. I have never bought a boat or a jet ski with a home equity loan, but know many that did.
Now, living in a home that has an upside down mortgage with a high interest rate and the inability to refinance or sale I find myself really looking at what it means to be a homeowner. Could I walk away and move into a rental? I don’t think so. I have been a home-owner since the early 1980′s and I hate renting. I need to be able to change anything, from a wall color to a wall size. I have to be able to dig up or plant anything.
I grew up moving from rental to rental and being homeless in-between. Being the oldest of six I didn’t have my own bedroom until I was 15, in the home my parents purchased as their very first home. I think these are the reasons I have always wanted to own.
So to me Home-ownership is still my American Dream.
What does it mean to you?
PS: Yes I do clean my own gutters! :)
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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