Nation: NAR Campaign Relates Long-Term Investment Value Of Real Estate

Beginning this year, the National Association of Realtors is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. The new advertising campaign will provide current, relevant housing data to help prospective buyers make informed decisions. Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year and home values double nearly every 10 years. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite positive research reports, some potential buyers are being kept on the sidelines as they react to national media reports about the market. "Nobody buys a home in the national real estate market," said NAR President Dick Gaylord. "All real estate markets are local and buyers and sellers who are thinking about making a move should consult with a Realtor in their local market." According to NAR's most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent in 2008, hold steady in 2008 and rise 3.1 percent in 2009.