Real Estate Is Still Considered the Best Long-Term Investment

With all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now.

A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):

If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.

Why Do Americans Still Feel So Positive About the Value of Investing in a Home?

Purchasing real estate has typically been a solid long-term strategy for building wealth in America. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes:

“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”

That’s because owning a home grows your net worth over time as your home appreciates in value and as you pay down your mortgage. And, since building that wealth takes time, it may make sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity.

Bottom Line

Buying a home is a powerful decision. So, it’s no wonder so many people view real estate as the best long-term investment. If you’re ready to start on your own journey toward homeownership, connect with a local real estate advisor today.

Keep reading.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Oklahoma Real Estate Statistics from May 2023

Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability.

Sales are down 23% compared to the same time period a year ago, while contract signings dropped 20.3% year over year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year over year nationally, although more affordable markets continue to see price gains.

New listings decreased 8.1 percent for Single Family homes but increased 38.6 percent for Townhouse-Condo homes. Pending Sales decreased 3.7 percent for Single Family homes but remained flat for Townhouse-Condo homes. Inventory increased 44.0 percent for Single Family homes and 62.9 percent for Townhouse-Condo homes.

Month’s Supply of Inventory increased 69.2 percent for Single Family homes and 90.9 percent for Townhouse-Condo homes.

Median Sales Price increased 1.8 percent to $259,990 for Single Family homes and 29.6 percent to $186,000 for Townhouse-Condo homes.

Days on Market increased 94.7 percent for Single Family homes and 237.5 percent for Townhouse- Condo homes.

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.

If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.

Related Links

• April 2023 Stats

• March 2023 Stats

• January 2023 Stats

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Just Listed: Modern Elegance and Comfortable Living at 1700 Plaza District Drive in Edmond!

Welcome to 1700 Plaza District Drive in the charming Town Square neighborhood of Edmond, Oklahoma!

This stunning property offers a perfect blend of modern elegance and comfortable living. Located directly across from the resort style pool, community clubhouse, and children's playground.

As you step inside, you'll be greeted by a spacious and inviting foyer that sets the tone for the rest of the residence. The open concept floor plan seamlessly connects the living, dining, and kitchen areas, providing a great space for entertaining guests or enjoying quality time with loved ones.

The living room boasts large windows that flood the space with natural light, creating a warm and welcoming ambiance. The fireplace adds a touch of coziness and is perfect for those chilly evenings. The adjacent dining area is perfect for hosting dinner parties or intimate gatherings.

This home offers 3 spacious bedrooms, each designed with comfort and relaxation in mind. The master suite is a true sanctuary, complete with a luxurious en-suite bathroom featuring a soaking tub, walk-in shower, and dual vanities. The additional bedrooms are generously sized and offer plenty of closet space for all your storage needs.

Situated in the highly sought-after Town Square neighborhood, this home offers a wealth of amenities within close proximity. The neighborhood boasts a well-maintained walking trail, fishing pond, and playground, providing ample opportunities for outdoor recreation. Conveniently located near shopping centers, dining establishments, and entertainment options, you'll have everything you need within reach.

Don't miss out on the opportunity to make this stunning residence your new home. Schedule a showing today and come experience the epitome of elegant living at 1700 Plaza District Drive in Edmond, Oklahoma.

Listed by Thomas Lundy for West + Main Homes. Please contact Thomas for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Thomas Lundy
512-831-8523
thomas@westandmainok.com

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Just Listed: Luxury, Style, and Functionality Await in this Meticulously Maintained Residence!

Welcome to this stunning home that has been meticulously cared for and loved.

Step inside and be greeted by an open floor plan that offers both style and functionality. With four spacious bedrooms, each featuring oversized closets, an office, and a convenient mudroom, this home provides ample space for your needs. You'll find an abundance of storage throughout the home, including ample attic space. The kitchen is a true entertainer's delight, with beautiful quartz countertops and a layout that invites socializing. The expansive dining room is adorned with magnificent picture windows that flood the space with natural light, creating an inviting atmosphere. Step out onto the back patio and enjoy the breathtaking views that surround you.

Prepare to be amazed by the walk-in functional cooking pantry, complete with a countertop and outlets to accommodate all your small appliances, keeping your kitchen counters clutter-free. The upgraded designer tile backsplashes add a touch of elegance to the space. Outside, you'll find yards and yards of extra concrete, creating a convenient walk-around sidewalk that leads to the back patio. The patio itself features a stunning cathedral ceiling, providing a perfect spot to relax and unwind. The oversized three-car garage features eight-foot-tall garage doors, ensuring ample space to comfortably accommodate a large vehicle. Located in the highly sought-after Tuttle school district, this home offers both quality education and a desirable community. Don't miss the opportunity to make this your dream home. Schedule a showing today and experience the luxury and comfort that awaits you.

Listed by Cheri Rollins for West + Main Homes. Please contact Cheri for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Cheri Rollins
405-512-4577
cheri@westandmainok.com

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This Weekend: Oklahoma Open Houses for June 9th-11th

Our agents are hosting Open Houses this weekend all over the Oklahoma City Area.

You can find all of these listings on our website. Please reach out to the listing agent for information on times and more information on the listing!

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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