Americans? Perspective on Home Ownership Shifts

Home ownership is getting more emotional than it used to be. A new survey by Coldwell Banker Real Estate finds that Americans are increasingly saying that the real value of home ownership is emotional, not financial. That marks a stark contrast from Americans’ perspectives on home ownership during the housing boom, in which they mostly viewed it as a financial venture. 

“Instead of taking things for granted, people are protective of their jobs, homes, and futures,” says Robi Ludwig, a psychologist in New York who was involved in the study. “And now that we’re picking up the pieces [after the financial crisis], we’re seeing a psychological shift. Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.”

The more emotional ties to home ownership are causing Americans to get more practical in their home buying, the survey finds. Eighty-six percent of those surveyed say that people should no longer stretch themselves financially just to get a bigger house. 

“Americans now recognize that they don’t need the biggest, most ornate home on the block,” Ludwig says. “Rather, they can and should live within their means.”

Buyers today are more swayed by a home that they can easily afford and that reflects their personalities. Seventy-one percent of Americans surveyed said that a home is an expression of their identity. 

“Our homes help to define who we are, partly because we have to ask ourselves a lot of really honest questions, including what we want in life and why,” Ludwig says. She says that a home serves as an expression of peoples’ personalities, down to the wall colors they choose and the family photos they display.

“It’s only been in the last few years that the conversation has shifted almost entirely to the financial aspect of home ownership,” says Jim Gillespie, CEO of Coldwell Banker Real Estate. Gillespie adds that a more emotional perspective on home ownership will make owning a house a more central of the American Dream once again and will aid in the housing recovery.

The Coldwell Banker survey also found that 78 percent of owners say owning a home is one of their greatest life achievements. What’s more, 83 percent of renters say they plan to own a home one day.  

Source: Coldwell Banker and “The American Dream Gets Another Facelift,” Time Magazine (May 15, 2012)

 

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on May 29, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

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