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What Homeownership Truly Means

Last week, my son and I were flying home after spending a week at The LeadingRE Conference in Las Vegas. He said he couldn’t wait to sleep ‘in my own house’ again. That made me think of this blog post I wrote last year. – Steve

My son, Bill and his fiance, Charlotte

 

My Son, His New Home, and What It Means

Every week we try to help you put an accurate value on housing in today’s real estate market. We give you all the charts, report on all the surveys, and quote every housing expert willing to talk on the subject. And we are still not 100% sure what prices should be. At best, we can only tell you what we think.

This week was different. I was able to personally FEEL the true value of a home. My older son closed on his first home yesterday. I have the great fortune to work with him at our company. I get to see him a lot when I am not traveling. This week I was home and got to spend every day with him.

I saw how nervous he was as he got all the last minute paperwork together. I heard the relief in his voice when he found out that he had overestimated his costs and would need to bring a little less money to the closing. I could feel how proud he was when he hugged me as he left the office the night before the closing.

He should be proud. He just purchased his own home. He just took a major step toward accomplishing the American Dream. He now owns a piece of this country. He now has a community he can call his own. He has a place to go ‘home’ to every night, a place where he can work in the yard, a place he can invite friends and showoff his ‘castle’, a place where he will someday raise his family.

Owning a home makes things different. You can’t necessarily explain it logically. But you can feel it. That feeling is the real value of a home AND IT IS PRICELESS.

My son slept in his own home last night. I am happy for him.


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7 replies
  1. David Mott
    David Mott says:

    Congratulations go to your son. Steve!

    I’m a homeowner that has owned a home since the early 80’s. That’s right. I had a mortgage with a 13% interest rate. I’ve owned 4 homes since then. I look for fixers and fix them up, sell them and make a little sweat equity on each one, all while keeping a regular job.

    I also get to take some real equity (the principal part of the principal/interest payment) with me. It’s not much when you have a high churn rate, but it does add up over the years. No home runs yet, just singles.

    Part of ‘The American Dream’ to me is having a home paid for. There will ALWAYS be a property tax payment. If you want insurance, you decide how much.

    Having a home paid for usually means low overhead. Sure, there’s the occasional thing you have to do to keep the house in good working order, but if you have rented at all, you know that stuff just doesn’t break every day. Just how many times do you need to call the landlord (~slum lord properties not included here)? I’ve also been a landlord, so I know that it’s not often if the tenants are normal folks.

    I rented many places before I bought a home: you write that check every month and *poof* there it goes, never to be seen again. To most renters, this is the largest slice of their monthly income money pie to disappear and feed someone else.

    Some people have the mindset of the only sure things trilogy: death/taxes/and rent!

    Reply
  2. Susan Jacobs
    Susan Jacobs says:

    Great post. Working with first time buyers are so rewarding. I remember how I felt when my daughter bought her first home. That was a very emotional time because my daughter and her husband to be sign the paper work to build a new home 3 days before they got married and he was sent off to Iraq.

    Reply
  3. Gerald Santoro
    Gerald Santoro says:

    What a great post. It brought back memories of my first home and what fond memories I have all the years being a homeowner and raising my family. Would not have been the same feeling possible as a renter.
    I also have many success stories helping clients acheive that same “American Dream” purchasing their first house. Many were shocked that they were able to! ….and the appreciation they show, makes this career worthwhile.

    Reply
  4. anton james
    anton james says:

    If one were to ask any homeowner ; ” What was the wisest financial decision you ever made ? “. The homeowner would generally, if not always, answer that question with ; ” It was to buy my own home ” . Owning real estate is not only the safest , surest and quickest way to wealth , it is the basis of all wealth and the only true expression of net worth. Multigenerational wealth can only be achieved thru real estate . I make my money in business and I store my money in real estate. Congratulations on the purchase of your first home. Now go do it again. A piece or pieces of real estate is the foundation of any well diversified investment portfolio. Accept my well wishes for your continued success in your real estate journey .

    Reply

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