Nearly four home owners out of ten in Finland do not find the monetary value of their home important, according to a survey commissioned by OP Financial Group.
A fifth of respondents, however, are afraid that the value of their home will decrease, said OP in a press release on Thursday referring to the survey.
The respondents of the OP survey commissioned from Taloustutkimus were asked to choose a statement that best described how meaningful their home’s financial value was to them.
The statement “The home’s monetary value is not meaningful to me” was chosen by 38% of home owner-occupants.
“This can be considered a fairly surprising result, as when talking about the housing market, many focus on the apartment’s monetary value and value development. Based on the survey, your own home’s monetary value is not something people in Finland are constantly thinking about in every day,” said Satu Nurmi, Senior Vice-President, Mortgages and Real Estate Business of OP Financial Group.
During the last year, the value of homes has dropped everywhere in Finland, and OP Financial Group’s economists predict that prices will not start rising until the next year.
Every fifth home owner, however, believes the value of their home will increase
Even though some home- owners are not interested in the value development of their current home, 62% pay attention to it in one way or another.
About 7% of home owners monitor price development in their residential area so that they know when it is the right time to sell their apartment. About 11% of the respondents said they would try to increase the value of their home through renovation.
About 20% of home owners believe the value of their home will increase, and an equal number (20%) are worried that the value of their apartment will decrease.
“I’m sure that owner-occupants have been following the public discussion on how the housing market is developing differently in different parts of Finland,” Nurmi said.
As many as 49% of home owners living outside the cities replied that the monetary value of their home was unimportant to them.
“The residents of these areas might have had different aspects than investment in mind when buying an apartment. Instead, they specifically bought an apartment as a home for themselves. In areas where the value of your home is likely to fall in the future, you should try to gain wealth in other manners such as by saving and investing,” Nurmi said.
About 1,600 people in Finland took the survey in December, of which 1,000 lived in owner-occupied homes.
The margin of error is plus or minus 2.5 percentage points for the entire respondent group.
Source: www.dailyfinland.fi
It’s concerning to see that 20% of homeowners are worried about the decrease in their home’s value. As a homeowner myself, I understand the importance of property value stability, especially in today’s uncertain market. Hopefully, the predicted increase in home values will bring some relief to those who are anxious about this issue.
In my opinion, the value of my home is not a major concern for me. However, I can understand why some people may worry about declining property values, especially with the current market trends in Finland. It’s interesting to see that a significant percentage of homeowners are not focused solely on the monetary aspect of their homes, reflecting a different perspective on the housing market.
It’s interesting to see that a significant percentage of homeowners in Finland don’t place importance on the financial value of their homes. However, it’s understandable that some are worried about the declining property values. It shows the diverse mindset among homeowners regarding the significance of their home’s monetary worth.
Do you think the decrease in property values will have a long-term impact on the housing market in Finland?
It is likely that the decreasing property values will have a long-term impact on the housing market in Finland. With the current trend of declining values, there could be a shift in buyer behavior and investment strategies. This could potentially lead to a slower market growth and impact the overall economy. It’s important for homeowners and investors to closely monitor these developments and adapt their strategies accordingly.
It’s interesting to see that a significant portion of Finnish homeowners do not place much importance on the monetary value of their homes. I believe that the value of a home is more than just its price and shouldn’t be the sole focus of homeowners. It’s reassuring to know that not everyone is constantly worrying about declining property values, and instead, are content with the comfort and joy their homes provide.
As a homeowner, I personally feel that the monetary value of my home is not a major concern for me. However, I can understand why some people may worry about declining property values. It’s important to keep an eye on the market trends, but ultimately, the value of a home is more than just its price tag.
As a homeowner myself, I completely understand the concerns about property values. It’s a significant financial aspect that can impact our wealth and future plans. It’s surprising to hear that many in Finland don’t prioritize the monetary value of their homes, but it’s also interesting to see the shift in perspective. Let’s hope for a positive turn in the housing market soon.
It’s concerning to see that 20% of homeowners are worried about property values decreasing, especially with the housing market being so volatile. It’s important to stay informed and make smart decisions when it comes to real estate investments.
As a homeowner myself, I can relate to the concerns mentioned in the article. It’s natural to worry about the value of one’s property, especially in a fluctuating market. However, it’s reassuring to know that a significant portion of homeowners prioritize other aspects of owning a home over its monetary value. This survey sheds light on how people perceive the importance of property values, highlighting a diverse range of attitudes within the homeowner community.
It’s surprising that such a significant portion of home owners in Finland do not prioritize the financial value of their homes. However, it’s understandable that in the current housing market scenario, concerns about property values decreasing are valid. Let’s hope for a positive turn in the market soon.
Do you think these worries about property values are specific to Finland or is it a more widespread concern globally?