Home Ownership Rate in the United States increased to 63.50 percent in the third quarter of 2016 from 62.90 percent in the second quarter of 2016 which it was the same as in 1965, when the US Census started tracking the metric. Home Ownership Rate refers to the percentage of homes that are occupied by the owner.
What factors drive Home Ownership rate?
There are several factors that will drive Home Ownership Rate, here are just some of those:
• Income growth
• Higher rents and housing costs
• Constrained credit
• Loss of confidence in wealth through Home Ownership
Nevertheless, owning a home is a financially savvy move because builds wealth over time, and in general makes “cents”, and indeed there is no place like Home.
Un reporte con muy buenas noticias publicado por la Asociacion Nacional de Realtors® (NAR) este jueves mostro un incremento considerable en la venta de casas por los ultimos 4 años consecutivos siendo los Primeros Compradores los participantes mas activos. La mejoria en el total de ventas se observo en las cuatro regiones del pais. NAR atribuye gran parte de este resultado a la motivacion de los Primeros Compradores, grupo que tenia preocupado a la industria de la vivienda por su relativa ausencia.
El total de ventas existentes durante el mes, incluyendo viviendas unifamiliares, townhomes, condominios y cooperativas, subieron 3.2 por ciento a una tasa anual ajustada estacionalmente de 5,47 millones. Los Primeros Compradores por primera vez representaron el 34 por ciento de las ventas, con la tasa más alta que hemos visto en más de cuatro años.
There is a lot of upbeat news in the September 2016 existing home sales report released by the National Association of Realtors® (NAR) on Thursday.
Sales rebounded sharply and the improvement was seen in all four regions. More good news, NAR attributed part of that to increased participation from first-time home-buyers, a group that has worried the housing industry by its relative absence.
Total existing home sales during the month, including single-family homes, town homes, condos, and co-ops, rose 3.2 percent to a seasonally adjusted annual rate of 5.47 million. First-time buyers accounted for 34 percent of sales, the highest portion in more than four years.
By, Sandy Flores Broker
Student loan debt is playing its biggest role in the mortgage process yet, and it doesn’t look like it’s changing anytime soon.
New data from NeighborWorks America’s fourth annual housing survey found that nearly one-third (30%) of Americans know someone who has delayed the purchase of a home because of student loan debt, up from 28% in 2015 and just 24% in 2014.
The data also cited that more than half (53%) of potential home buyers with student loan debt said the debt was somewhat or very much an obstacle to buying a home, down slightly from 57% in 2015, but above the 49% rate in 2014.
As a whole, to help put this perspective, borrowers are carrying the highest level of non-mortgage debt in a decade.
The National Association of Realtors recently released a survey with similar findings as NeighborWorks America, nothing that about 50% of Millennials, and about two-thirds of Millennial non-homeowners who have student debt, are uncomfortable taking on a mortgage. What’s more, this group was less likely to believe they could even qualify for a mortgage.
Low inventory numbers have entry-level buyers scrambling as empty nesters are reluctant to sell.
Home inventory in the U.S. has dropped to its lowest levels since 1999 according to Trulia.com, a San Francisco-based real estate research site. Even though the U.S. has seen more than three years of a booming seller’s market for housing, there are plenty of Americans who are reluctant to sell their homes for a very simple reason: Where are they going to live?
The supply numbers are down 5.8% from a year ago and have declined year-over-year for the past 14 months. That compares to a more typical supply of 6 months in a healthy market, according to Trulia.Not only does the low housing inventory mean a bidding war for buyers, but sellers who may want to move to a smaller home and stay in the same market are quite often stuck because of the rise in prices for smaller homes that are being fought over by both first-time buyers and downsizing empty-nesters
“Although buying a home in a strong seller’s market can present lot of challenges, it is possible to secure a place you’ll love” Sandy Flores Broker, Leading your way Home!
El bajo inventario de casas a la venta tiene a los primeros compradores tratando de encontrar una propiedad para aprovechar de las bajísimas tasas de interés.
En general en los Estados Unidos el inventario de casas ha descendido a uno de los niveles más bajos desde 1999 según Trulia.com. A pesar de que se ha visto en los Estados Unidos una notable recuperación en el Mercado inmobiliario, todavía existen propietarios de casas reacios a vender.
No sólo el inventario bajo de casas en venta significa un reto para compradores y vendedores que buscan relocalizarse a una casa más pequeña o más grande pero también otro factor contribuyente como lo es la subida de precios de las propiedades.
“Aunque comprar una propiedad en un mercado hipotecario de vendedores puede presentarse con muchos desafíos, es posible asegurar una casa que te va a encantar” Sandy Flores Broker, Liderando el camino a tu Casa Propia!