According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.
The survey also revealed 3 key takeaways:
- Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
- Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
- Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.
Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”
If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.
I am constantly amazed by the imagination and beauty of lighting in today’s world. My mother was an architect and I grew up with a back porch that was illuminated by lights recessed into the ceilings and disguised as stars. A memory so lovely that I still love the night stars.
My mom would approve.
I’m loving the return of black framed doors and windows. Anyone with me?
Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.
The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).
For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets.
The added equity is helping families put their children through college, invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options! You can reach me at 407-925-7721 Cell or Text.
Home really is where the heart is…Happy Valentine’s Day!
Wallpaper is making a HUGE return to interior design and decorating and I love it. Doesn’t this add a lot of character to the room?