Do you remember in the movie “The Wizard of Oz” when Dorothy closes her eyes and tells the Good Witch of the North that there is “No place like home”?
How about E.T. with his long, scrawny finger pointing to his planet and uttering the word, “Home”?
What about the feeling you get when you have traveled on vacation for a week?
You know the feeling as you enter your home. Recognizing the smells, you let out a sigh, take a deep breath and look forward to crawling into your own bed that night.
But has the notion of home ownership changed by the challenges of the last few years?
In September 2010, Time Magazine published the article, “The Case Against Homeownership,” providing an interesting perspective against home buying.
The article suggests that with society more mobile, homeownership is passé as people have to move more often for job opportunities.
Maybe true, however, as the article gave no clear indication of the moving trends, it prompted a Pugel unscientific study.
Here are some of my findings:
My high school graduating class recently had their (gulp) 40th class reunion.
The school sent out a roster of classmates and their addresses, which offered the opportunity to investigate how many had moved out of the area.
Of the addresses they supplied, 61 percent still live within 40 miles of the high school.
If one assumes that 10 percent of my classmates relocated to other areas but remained in those areas, that would bring the total to 71 percent of my classmates that did not frequently relocate.
So, one may draw the conclusion that homeownership was almost certainly a financial plus for those who bought and stayed.
Even those who moved frequently probably experienced appreciation along the way.
Our attitudes may change with time, and the business, stock market, and real estate cycles may alter attitudes for a time, but the investment gurus seem to miss the intrinsic value and gratification of owning a home, not to mention the celebrated burning of the mortgage papers when the loan is paid off.
As real estate professionals, we all have a story about the American dream of homeownership and have experienced both tears of joy and tears of sadness.
But as Dorothy from Kansas said, for many of us, “There’s no place like home.”
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.