Why do American’s want to own the home they live in; more specifically why do you want to own the home you live in?
In her Inman News article Tara-Nicholle Nelson writes on the top 3 reasons. Leading the pack is overwhelmingly “I just want to own the place I live. This is probably the No. 1 all-time motivation underlying homebuying: the desire to be a homeowner. It may bundle up a bunch of motivations, like tax considerations, the ability to gain equity over time and eventually own your place free and clear, and even the power to customize the place you live exactly as you see fit.” Wow this smacks of the “don’t tread on me” freedom spirit of America. For more of the article visit 3 Reasons…
The drive to make homes more affordable has been a noble one, but it has also been poorly managed by governmental misadventures and priorities that simply don’t make sense. Like it or not the free market really has done a good job of empowering those capable of buying a home to do just that. It is only when there is pressure on lenders to “open the market” to individuals who have not a prayer of actually paying for the hoem they want to buy.
Chris Hogan with the Dave Ramsey Financial Peace University Ministry provided a great statistic, before 1928 only 2% of homes has a mortgage. Today, only 2% of homes don’t have a mortgage. It is interesting to see the power that saving and cash purchases have on the market place. Accelerated payoff is a great tool to insure that you will really own your home for the least amount of money possible. Remember, until you own it out right it is not an asset, it is a liability.