Homeownership Benefits In A Seller’s Market
Everyone knows that there is financial benefits to owning a home. However, it is important to always remember that there is benefits of homeownership that go beyond equity and wealth. There are many financial and non-financial benefits of owning a home. For those who own their homes or have their own place to stay, you feel a sense of comfort and emotional attachment to your home. Having a space that is truly yours is more emotionally satisfying than people realize. Here are homeownership benefits in a seller’s market.
Emotional Benefits Of Homeownership
Over the past few years, even before the pandemic, homeowners have learned to love their homes more than ever. As we have stayed at home more over the past few years, we have learned to love what we have. Because of this, we have learned the personal and emotional homeownership benefits that are not talked about.
According to research done by the State of the American Homeowner,
“Despite the upheaval and uncertainty of the past year, one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”
Owning A Home In A Pandemic
With the ongoing health crisis, buyers have changed what they need in a home to fit their changing needs. Buyers nowadays want a home they can call a home and that they can also use as their place of work. As buyers needs shifted, homes became more of a place of many means than ever before. According to the same research done by Unison,
- 91% of homeowners say they feel secure, stable, or successful owning a home
- 64% of American homeowners say living through a pandemic has made their home more important to them than ever
- 83% of homeowners say their home has kept them safe during the COVID-19 pandemic
This research comes as no surprise to many people in the real estate market. Homeowners feel a sense of pride like they never have before. Also, homeowners are more emotionally attached to their homes than ever before. As our emotional attachment grows to all-time highs, our equity has also grown to all-time highs.
Homeownership In A Seller’s Market Provides Stability
A stronger sense of emotional connection to your residence typically leads to a higher sense of emotional stability as well. People genuinely want a place to call their own, and being able to have a place of your own creates stability and emotional strength. According to JD Esajian, President of CT Homes,
“Aside from the financial factors, there are several social benefits of homeownership and stable housing to consider. It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you.”
For those on the fence of buying or renting, there has never been a better time to buy. While it might be the hardest time to buy, there has never been a better time to own a home. Throughout the nation, millions of people are becoming homeowners, especially first-time buyers. According to Chief Economist Mark Fleming,
“Buying a home is not just a financial decision. It’s also a lifestyle decision.”