The housing market is a consistent topic, as economists and investors look at how many houses are being built, bought and sold. I understand this reasoning as housing is seen as a key factor in consumer confidence. However, it is hard to get particularly excited about the ups and downs of the housing market when you are not necessarily looking to make a move. I do maintain some awareness of my home value, but it does not factor into my daily financial decisions.
In general terms, my home value is not a particularly pertinent issue on an ongoing basis simply because I do not plan to sell my home anytime soon. I have the same feeling about investments that will not necessarily be sold for many years. Granted, I cannot predict the future as anyone can experience financial difficulties and have to make a move. However, for now I have a relatively stable situation that allows me to plan for a long stay in my home.
Unlike many other homeowners in today's struggling market, I do have some equity in my home. I feel bad for those that are "underwater." There is certainly less equity in my home than there was several years ago, but there isn't much I can do about that. I have owned a home long enough to appreciate the fact that the market has peaks and valleys. When we bought our house, we thought that we were paying a fortune. Several years late our home skyrocketed in value, only to give back much of that value when the market experienced a downturn. Such is the nature of owning a home.
The American Dream
It is interesting that buying a home is still a major part of the American Dream, despite the high cost of ownership. This is not necessarily a priority in other countries, but Americans are still tied to owning a dwelling place rather than renting. For me, there is stability in owning a home, so I do pay some attention to the housing market. Still, the value of my home does not concern me in the short term. If the value plummets right before I am planning to sell, I will obviously have a bigger problem at that point.
For now, I am thankful that I own a home. I hope to stay in it for a very long time.
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