This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!
What is Your Why?
Any way you slice it these days, it’s tough to be a buyer. Your selection of homes available for sale is lower than usual because so few homes are being listed for sale and mortgage rates are the highest they’ve been since ~2000, but prices (and competition) remain high, and are unlikely to fall because of tight supply.
Most of the conversation around the advantages of home ownership focus on the financial benefits — wealth/equity accumulation, appreciation, tax incentives, etc but those financial incentives have weakened over the last 12-14 months for many buyers but there are plenty of non-financial reasons people have for wanting to own their home like stability, greater choice, control over your environment, and fulfilling personal goals.
Non-Financial Considerations
The conversation around homeownership vs renting must include the financial pros and cons, but too often the non-financial reasons don’t get enough attention. For example, I often find that people in a transitional period in their lives do not properly value the flexibility of renting. That flexibility can even turn into a financial benefit as well.
On the flip side, I rarely hear people factor in the importance of being able to control their own environment when they’re weighing homeownership. You are a product of your environment and being able to investment in the improvements and maintenance that are important to you can have a significant effect on your day-to-day happiness and well-being.
If I missed your primary reason for home ownership in the poll, please add yours to the comment section.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.
Video summaries of some articles can be found on YouTube on the Eli Residential channel.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10CA