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Using NAR Research to Address Prospective Buyer Concerns “Is Now a Good Time to Buy?”

REALTORS® can use NAR Research information to give the customer a different perspective on the question of whether to buy: the press encourages clients to think in terms of price.  Price is important, but the main reason clients want a home is lifestyle—i.e., for family and living purposes. Like most economic questions, there are two answers to the question of whether it is a good time to buy: “Yes” and “No”.  Put differently, “Yes, it is always a good time to buy if you need a home for your or your family.”  The answer is “No if you are over-extending your financial capabilities, speculating on changing home prices, or expect to need to move in the near future:  that is how people get in trouble.”

NAR has detailed the major benefits achieved by homeownership

  • Higher student test scores by children.
  • Higher rate of high school graduation thereby higher earnings.
  • Children more likely to participate in organized activities–less television screen time.
  • Homeowners take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments and those skills transfer to their children
  • Lower teenage delinquencies.
  • General increase in positive outlook to life.
  • Homeowners reported higher life satisfaction, higher self-esteem, happiness, and higher perceived control over their lives.

Quality of life is a major benefit from homeownership—which is why a prudent home purchase by someone who is financially responsible makes sense at almost any time.

Jed Smith, Managing Director, Quantitative Research

Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.

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