Despite a bruising, five-year drop in U.S. home prices, eight in ten Americans still believe that home ownership is the best long-term investment they can make, according to a new survey.
Apparently, hope springs eternal.
After a dramatic run-up in U.S. home prices the 1990s and early ’00s — fueled by easy lending standards and the encouragement of Wall Street — the market began its sickening plunge in July 2006. The average metropolitan home has lost roughly a third of its value since then, according to the latest reading from the S&P/Case-Shiller Home Price Index.
We certainly find the same sentiment in dealing with our Ventura County clients. It is a difficult market at times but well worth it in the end. Interest rates have come up slightly in the past few weeks but they remain historically low and there are plenty of houses to choose from. Bottom line is, if it’s the right time for you to buy or sell, it’s the right time!
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