No one, it seems, has any doubts that local real estate market has taken a hit. Thousands of St Louis homes have been lost to short sales and foreclosure, and nearly all of them have lost value. Times like these always bring out the RENTERS! You know them, the folks who rent instead of buy. They will tell you that the market is too risky, that home ownership is over rated, that renting is just as good and cheaper. Well, that might be true for them, but probably not for you.

Consider the elements of home ownership, the personal ones and the financial ones and make your own decision:

Personal Reasons –  Forget about rates, mortgages, markets, prices and all that. Just think about your lifestyle! Lifestyle choices, and these include job/work location, is the main reason for home ownership. Pick your reason from the list and you will be among thousands of St Louis area families that buy a house for the best one; the one that matters most to them: family getting bigger, family getting smaller, marriage, divorce, kids moving back, kids moving out, avoid steps, style preference, newer house, older house, live further in, live further out, closer to school, closer to work, better decorating, no decorating, etc etc etc. Whatever your reason, just make it right for you!

The Affordability Factor – We are now at an historic perfect storm of home affordability. You are well aware that the housing market has been in the doldrums for several years. Everyone knows that the price of homes peaked in 2006, and in the St Louis market we are about 16% off of that high. Also, most folks are aware that home mortgage rates are at historic lows. These are the most important factors in home affordability – how much a house costs, and how much the money costs to buy it! What everyone should know, but most don’t, is that these two components do not usually travel together. But today, rates are at historic lows, and prices are just starting to go up.

Pride of Ownership – There simply is no substitute for the pure joy of home ownership. The ability to stand on your own floors in your own space and know that anything is possible and no one can make you do something or stop you from it. Home ownership is a reflection of ourselves; it makes a statement about who we are and where we are going. It expresses our abilities to plant roots and gives us the freedom to tear them up and replant them anywhere we want to. It makes us one with our community, and gives us  privacy and security when we want it.

Cost of Ownership – Volumes are written on the financial side of owning your home. The cost of owning is simply less than renting. When you include the mortgage interest deduction, real estate tax deduction, potential for appreciation, various mortgage options, and the liquidity of the St Louis marketplace, there is no better solution for where we live. We live in our own homes because it is not just better for us, but cheaper in the long run.

Visit to learn more about home real estate in St. Louis, Missouri.


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