Monday, March 10, 2008

When Did a House Stop Becoming a Home?

I've said it before and I'll say it again, if sellers are expecting to make tons of cash selling their homes after living in them for 1 or 2 years, they are simply being unrealistic and, frankly, stupid. Blanche Evans of Realty Times gives us her take on today's consumer,

"Today's homebuyer thinks a home is only an investment. The NASDAQ has never recovered to its 2000 highs because people want the big return on their investment. They could likely look at housing the same way - not interested if it only returns two percent a year. Never mind that two percent a year is the historical norm. They want more."
How did we get to this point? When did homeowners start feeling entitled to lots of money from the sale of their home simply because they purchased it and made no improvements to it while they lived there? How did we go from pride of home ownership and being ecstatic that we were finally able to "realize the American Dream" to a competition of "How much equity were you able to squeeze out of your house?". I'm sure this mindset might have something to do with this.

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