I am glad that the sellers of homes in Richmond Heights, condos in South Euclid or any Real Estate in Cleveland Heights do not pay much attention to NAR's public awareness campaign of 2008. Especially that Ad where young lady says that value of Real Estate doubles every ten years. Duh...
Yes, that's true that homeowners in many neighborhoods of Greater Cleveland can hardly sell their houses for less than they paid 15 years ago! That's sad and discouraging unless you look at the things from the other prospective.
Is there free housing anywhere in the world? What is alternative to homeownership for the family? Apartment for rent? Renting the house or condo? What else?
Let's say there are two hypothetic families in South Euclid, OH. Let's imagine, it's New Year of 1993. One family bought a lovely condominium at The Lofts for $110,000, another one preferred to rent an apartment.
In 15 years the first family needs to sell their condo. I agree, that's not the best timing for sale. Prices are going down, financing is not available for those who might be ready to buy, foreclosures are flooding the market. However, people sell and buy not when it's good but when they need it.
So - the other family still rents the apartment. The first one sells for less than $110,000. Wow! Where are our friends from NAR? I feel sorry for the sellers but I feel much more sorry for those who rented all these years. Both families made comparable monthly payments during all these years but - the first family received about $100K from sale of their property. The second family gets nothing. Even financially homeownership is more beneficial than rent! Even on awful market of 2008.
There are much more benefits of homeownership. Sense of stability and settlement, bigger space which you organize as you wish, flowers which you plant, love to your Home which you feel.
So, if you are making a decision Is it good to buy or better to rent, please think bigger than money. Even moneywise homeowners win. Be reasonable. Make responsible decision. And buy. Now.
Your Greater Cleveland Real Estate consultants will help to find the best home for you and your family.
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