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NAR promotes value of long-term homeownership

The National Association of Realtors says homeownership is a solid investment.

The National Association of Realtors says homeownership is a solid investment.

Despite the home price declines over the past few years, the National Association of Realtors says that moving into a new home is still a good value, particularly over the long-term.

According to the NAR's survey of buyers and sellers, the typical home seller has stayed in their home for roughly eight years. In selling their property, they made a median equity gain of roughly $33,000. Those who had remained in their house for 11 to 15 years saw their homes increase in value by 40 percent.

"Despite swings in the housing market in recent years, the fact is most long-term owners see healthy gains in the value of their property," said NAR president Vicki Cox Golder. "This underscores two simple facts - home ownership encourages stability, and the longer you own, the better your investment."

Most current homebuyers also share the view that long-term homeownership is the best strategy. The survey found that first-time buyers planned to stay in their home for 10 years, while repeat buyers said they would likely put off another relocation for 15 years.

Other studies have also pointed to the value of long-term homeownership. A study earlier this year by FNC found that the average U.S. home had gained 5 percent in value since the start of 2003.