Brook Realty
  • HOME
  • PROPERTY SEARCH
  • Our Listings
  • Ruth & Missy
  • Mario Mastro
  • Our Agents
  • SOLDS
  • RENTAL LISTINGS
  • Testimonials
  • CONTACT
  • Brook Realty Home Buying Plan
  • Buyer & Seller Slide Show
  • Services
  • Preferred Partners
  • e-Pro Advantages
  • Rochester MA Real Estate
  • Middleboro MA Real Estate
  • Bridgewater MA Real Estate
  • AVON Products!
  • Accessibility Statement
  • Privacy Policy
Picture

Our Blog

Keeping you updated and informed!

Home Ownership Is Up...

7/30/2020

0 Comments

 
Home Ownership Graph Showing and Increase call 7742717636 to review informationHome Ownership Graph
So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home. Yesterday, the U.S. Census Bureau announced:
“The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).

There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today. According to Ralph McLaughlin, Chief Economist for Haus:
“Mortgage rates are the icing on the cake for households that were thinking about buying…They found an unexpected opportunity during the worst economic downturn America has seen since the Great Depression.”
​

In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger and, as noted by Odeta Kushi, Deputy Chief Economist at First American, are the buyers driving the homeownership rate in an upward direction:
“Big jump in the homeownership rate today, mostly driven by younger households. We saw a spike in the number of owners, and a decline in the number of renters. This is the highest rate of homeownership since 2008.”
This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.
Bottom Line
If you’re thinking of buying a home this year, contact a local real estate professional today to take your dream one step closer to reality.
Article courtesy of KCM 

0 Comments



Leave a Reply.

    Author

    I am a 20 year educator turned realtor! I love my family, my animals and of course real estate! 

    Archives

    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020

    Categories

    All

    RSS Feed

  • HOME
  • PROPERTY SEARCH
  • Our Listings
  • Ruth & Missy
  • Mario Mastro
  • Our Agents
  • SOLDS
  • RENTAL LISTINGS
  • Testimonials
  • CONTACT
  • Brook Realty Home Buying Plan
  • Buyer & Seller Slide Show
  • Services
  • Preferred Partners
  • e-Pro Advantages
  • Rochester MA Real Estate
  • Middleboro MA Real Estate
  • Bridgewater MA Real Estate
  • AVON Products!
  • Accessibility Statement
  • Privacy Policy