By Carol K. Platt, CRB, e-Pro, Osceola County Association of Realtors, Inc.
Value is both subjective and objective. Value is defined by appraisals based on sold data and by market analyses that reflect sold data, comparative data and projected market trends. Often value is referred to as a price that a buyer is willing to pay and a seller is willing to accept. Of course, prior to closing the value placed on a home by the bank’s appraiser can become very important. REALTORS® are great sources of comparative market data and a great resource to help make decisions on whether to buy or sell or even when to buy or sell. Appraisers can be hired for independent review as well. Our association offers a member search for these services on our website, www.OsceolaRealtors.org.
However, when you ask someone what they value about their home, the answers go far beyond economic data. Even Dorothy in the Wizard of Oz says, “There’s no place like home!” For some, it’s a warm place, a sense of peace, a feeling, a safe place, a place where your heart is. My own front door sign says “Love and Laughter are Welcomed here”. Statistics show that homeownership has more value than its appraised price. The New York Federal Reserve Bank found that “though home ownership raises educational outcomes for children; neighborhood stability enhances the positive outcome.” Homeowners are 28% more likely to vote and 11% are more likely to know how they are represented in Congress. This leads to stronger communities with greater civic engagement. Homeowners are 16% more likely to belong to community organizations. Amazingly, teenage pregnancy among home owning families drops by 20%. There is an incredible personal and community-wide value to your Home.
The ability of even one Home to impact a local economy is far reaching. Your home is a value chain of job creation. There are remodeling, landscaping, lawn and pool services, furniture appliance and home improvement stores, and repair services created from a single home. On average, one home generates $60,000 of economic activity regionally. The long term value of personal wealth creation experienced by a homeowner is 45.9% greater than a renter.
Our community has been grappling with the social and economic impacts of widespread homelessness. Shelly Lauten and Glenda Hood of triSect shared the Rethinking Homelessness study during our recent summit which states, “Successfully addressing the homelessness challenge is not about finding the silver bullet; it is about building a broad community ethic. It is not “those people” anymore; it is us and we need to care.”
To care, we must first empathize. What is the value of your Home to you, your family and your community today?