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The Highest Value of a House is as a Home

I have taken great pride in the fact that over the last three years I have researched the financial aspects of residential real estate better than most. I look at no less than seven different pricing indices each month to help determine present and future values. I have done extensive research on interest rates to help determine the true cost of purchasing a home now and in the near future.

However, the other day I read the blog that the KCM Crew posted titled, And The Survey Says! The Crew did a great job of compiling the results of recent surveys showing what the average person in this country feels about the current real estate market. There were many very interesting observations. None hit me more powerfully than the question in the Fannie Mae survey about what a buyer thinks are the major reasons to purchase a home.

Financial considerations appeared in two of the reasons. A majority (63%) saw paying rent as not being a smart financial decision, and most (61%) saw buying a home as a good path to creating wealth. But these reasons ranked fourth and fifth. The top three reasons people gave for buying a home had nothing to do with the financial aspect of home ownership. They revolved around the human aspect.

The single most important reason people gave was that it was a good place to raise children (80%). Reason two was that a home was a place their family could feel safe (79%), and reason three was that they could have control of their personal space (71%).

For the last several years it appeared that a house was something that many saw as a commodity; something that was expected to create instant wealth. Some even saw it as a personal ATM machine where they could withdraw large sums of money every year. These survey results alerted me to the fact that we, as a society, are getting back to understanding the true significance of a house. We again realize that its highest value is that of a home.

This Sunday, as my extended family celebrates Mother’s Day at my house, I am going to take a renewed pleasure in watching the kids play basketball in the backyard, and laughing with everyone as we share stories sitting around the dining room table after dinner. I am not going to think about a potential price I might get for my house. I am going to enjoy its true value as a home.


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1 reply
  1. Millie Thomas
    Millie Thomas says:

    What a great blog! It is the absolute truth. Somewhere along the line homeowners where not really thinking of the true value of their homes. They were just thinking of it as a financial commodity and not as the place where they are living their lives and making memories for themselves and their families. I am truly grateful that I own and enjoy my home.

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