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EXCITING NEWS ABOUT OUR
AREA
The Real State Of Real
Estate
Courtesy of Florida
Association of
NAPSI
Homeownership has
been--and continues to
be--one of the best
investments in your
future.
Owning a home offers
many social benefits by
providing shelter and
security to families,
instilling pride of
ownership and
strengthening our
nation's communities.
While enjoying the
benefits of a shelter
they can use, improve
and sell, homeowners are
also accumulating wealth
for the future.
In fact, owning a home
is still the best way
for most families to
build a nest egg.
According to the most
recent Federal Reserve
Survey of Consumer
Finances, the median net
wealth of a renter
household is $4,000,
while the median net
wealth of a homeowner
household is $184,400.
2007 was the fifth-best
year on record for home
sales and modest gains
are expected for 2008,
contrary to media
speculation surrounding
the real estate market.
"Owning a home is a
long-term investment,
not a quick-in,
quick-out transaction.
While it's true that the
national median price of
an existing
single-family home
dropped by 1.8 percent
from 2006 to 2007, it's
important to put this
into context," said
Lawrence Yun, chief
economist of the
National Association of
Realtors. "Over the past
six years, which is the
typical length of time
an owner stays in a
home, the median price
has risen nearly 40
percent. Giving back
about 2 percentage
points of that gain
still leaves homeowners
with a very handsome
appreciation rate."
Prices have moderated
despite media reports of
a faltering real estate
market, mortgage rates
are near 40-year lows
and new FHA and
conforming loan limits
are giving Americans
access to affordable
financing in all areas
of the country.
"Current market
conditions won't last
long. Home prices in
most markets have
stabilized and inventory
is abundant, making
current conditions ideal
for buyers," said Yun.
The bottom line is that
all real estate is local
and conditions vary from
one community to the
next. A Realtor can
explain local market
conditions and help you
take advantage of real
estate opportunities in
the area.
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