Peter tells us in this passage that we (believers in Jesus) are a chosen people of God, His treasured possession. But God is also quick to make clear that we are not chosen on the basis of who we are. Instead, as Deuteronomy 7 also makes clear, God chooses us because of His own great love and perfect plan to save His people. Because of the LORD's goodness to the elect in Jesus Christ, God even makes the redeemed to be His holy tabernacle, His dwelling place. And He will be with the redeemed and dwell with them/in them for all of eternity. What great good news!