What If You Could Buy Shoes…?
What if there was a shoe store that had:
- An unparalleled selection of shoes of every size, color, and price range
- The shoes were discounted 30% or more
- You had a credit card that would finance the shoes for 30 years at 4.5%
How many shoes would you buy? My bet is there would be a line around the block. Well, today, real estate is like that shoe store (incredible selection, terrific bargains and excellent financing terms). But there’s more….
- Shoes go in and out of style. Homeownership is still the American Dream.
- Shoes are worth less once you wear them. Homes will appreciate in value over time.
- Shoes get disposed of. Homes are lasting.
And while many can recount memories created in certain shoes, everyone can remember their first home, their first family gathering, the countless holidays shared. There is also the ability to decorate to your tastes, the stability (and lower crime rate) in homeownership neighborhoods and the higher level of education achieved by kids who grow up there.
If you’d stand in line to buy shoes, what’s stopping you from exploring a home? Despite some media perceptions, there is mortgage money available with reasonable down payment requirements at extremely low rates…talk to a loan officer. There are some great deals out there with short sales, foreclosures and regular transactions also!
Happy Shopping!
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Great analogy and something all of us women can definitely relate too!
I love it, I agreee with Elizabeth! It is a great analogy. I would add that you need to spend money for your housing needs, you might as well get the tax deduction!
Very interesting take! And yes, I love shoes too. But I love homes more. A home is nothing short of warmth, loving memories. I don’t sell houses mind you.
This is all true, however:
Shoes do not create the potential of loosing enough value to create years of hardship if something unforeseen happens with your job.
Shoes do not pose debilitating maintenance issues when you simply can not afford a $10,000 heating system in January.
Shoes don’t hold you hostage when you need to move and can’t sell them.
It’s easy to change your mind about which pair of shoes you want to put on, try changing your mind about your house when everything starts breaking.
The American dream you say? I would say that for a lot of people for the past three years homeownership has become the American nightmare. Do the analysis before you jump in the pool, you will find there are many many good reasons to let someone else worry about providing your home.
@Jeff,
Regarding the points that shoes are more expensive than homes, Dean was using shoes as an anology.
Regarding your last point, according to the latest Fannie Mae National Home Survey (2Q 2011), 96% of American homeowners see owning a home as a positive experience.
I get what you are trying to push on this article….but are you really comparing a home purchase to purchasing shoes…quite the contrast in sales price don’t you think?
@Brett,
I believe Dean was using shoes as an analogy not an actual comparison.