A couple of weeks ago, I attended a presentation by Dr. Lawrence Yun. Yun is the Chief Economist for the National Association of Realtors. Chances are if you read or hear anything in the national or local media about Real Estate, it will contain a quote from Dr. Yun. He's the œgo-to guy for policy makers and media types.
As you would expect, Yun's presentation was full of graphs, charts, and logarithms, but it did leave me feeling like the basics are in place. In a nutshell, his message was this: The Real Estate market in Denver is in better shape than most places in the United States, and is recovering at a faster rate. Good news for sure.
But I thought the most important message he brought to Denver was that the œAmerican Dream of homeownership is still alive. His message, as reported in the Denver Post the next day, was that not only has the American Dream of owning a home not gone away, it is returning to its roots. Buyers today, and in the future, are signing on the dotted line because they want to be near work, or near schools, or to have a place to raise their families.
œThe great thing about owning a home, as you pay down your mortgage, it usually goes up in value and over time, you build wealth, Yun said. œBut people will not be buying homes with the idea they will be $10,000 wealthier (on paper) next year. Appreciation will be a side benefit. In other words, your house is a long term investment and a home for your family.
That's a message we should all be glad to hear.
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