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Home Ownership Matters

HOME OWNERSHIP MATTERS TO PEOPLETO COMMUNITIESTO AMERICA. Studies show that home ownership has a significant positive impact on net worth, Educational achievement, civic participation, health and overall quality of life. Thats why, For more than 100 years, REALTORS have helped people find their piece of the American Dream. Now, with some questioning whether home ownership is still good for America, its more important than ever to stand up for home ownershipin your community and in the nations capital. Find out more about why Home Ownership Matters, how the NATIONAL ASSOCIATION OF REALTORS is standing up for it, and how you can help spread the word, at REALTOR. Org/homeownership. WHY HOME OWNERSHIP MATTERS TO PEOPLE..
  • Home owners are happier and healthier and enjoy a greater feeling of control over their lives.
  • Owning a home is one of the best ways to build long-term wealth. Historically, a home owners net worth has ranged from 31 to 46 times that of a renter.
  • Home owners are free to redecorate, renovate and modify their homes as they wish.
  • Most home owners enjoy stable housing costs-a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
  • Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
TO COMMUNITIES..
  • People who own homes vote more volunteer more and contribute more to their neighborhoods.
  • Home owners do not move as frequently as renters, providing more neighborhood stability.
In turn, this stability helps reduce crime and supports neighborhood upkeep.
  • Children of home owners do better in school, stay in school longer, and more likely to participate in organized activities and spend less time in front of the television.
TO AMERICA
  • 67% OF American households are owner-occupied. America is a nation of home owners.
  • Home owners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
  • Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
  • Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our national economy.
  • For these reasons and more, home ownership is the American Dream!

The 10 Dumbest Mistakes

Smart People Make When Buying or Selling a Home and How to Avoid Them

SELLERS Mistake #1: Setting their asking price too high because of personal need or emotion rather than fair market value. home correctly. real estate agent. He/she can assist you in pricing your You can avoid this by consulting with a professional Mistake #2: Failing to showcase their home before you put it on the market. repairing, and readying your home for showing You can avoid this by thoroughly cleaning, Mistake #3: Signing a listing contract with no way out. agreement. no questions asked, prior to signing the contract or if you can cancel your listing agreement at any time, You can avoid this by consulting a knowledgeable, by highlighting the best features. Mistake #4: Choosing an agent for the wrong reasons. For example, listing a home with the agent who works for the most popular company. best marketing plan and track record. You can avoid this by selecting a listing agent with the Obligations. Mistake #5: Not knowing their legal rights and Costing sellers thousands of dollars. Contracts are legally binding. Neglected details can wind up Technical and legal aspects of a real estate transaction. trustworthy professional who understands the You can avoid this by asking your real estate agent BUYERS You can avoid this by asking your REALTOR. afford to pay for a house before they make an offer. exactly how much you can afford. mortgage from a Lender, so you know in advance You can avoid this by getting pre-qualified for a real estate agent represents Mistake #2: Not finding out in advance whom the Credit file in advance. Professional to help you review and repair your You can avoid this by asking your mortgage Their ability to buy or refinance a home. Mistake #5: Not knowing how dept can affect Conduct a pre-purchase home inspection You can avoid this by hiring a professional to Before buying a home. Mistake #4: Not discovering hidden defects on your income. to choose. CPAs can tell you the long-term effects before making a final decision on which mortgage Consultant, accountant, and/or financial planner You can avoid this by consulting with a mortgage necessary interest and taxes Mortgage can cost thousands of dollars in un- Mistake #3: Not realizing that the wrong representative, he/she represents the seller. But unless the agent is working as your buyer Most people think their agent is working for them. Mistake #1: Not knowing how much they can

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