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.
The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month, the fastest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.
However, despite the higher sales, more Americans are choosing to rent. The share of the U.S. population who owns homes so far this year has fallen to 63.4 percent, a 48-year low, according to the Census Bureau.
Rents are at an all-time high for single-family homes according to Zillow‘s affordability report for the second quarter of 2015.
Did you know that consumers are currently spending an average of twice as much of their monthly income on rents as they are on mortgage payments?
Money talks! This is WHY NOW is a good time to buy a home, not only good! It is the best time to buy a house.
Sandy Flores Broker/Realtor (714) 963-7462
There is not doubt rents will likely keep rising at their current pace, and it is a fact high rents make it difficult to save for a down payment. Well, I have GOOD NEWS for you! There are down payment assistance programs that can help you buy your first home! Let’s GO!
Getting your home ready to sell can seem overwhelming, but it doesn’t have to be. However, you need to look at your home from the perspective of a potential buyer.
Here are some tips that can help you on getting your home ready for sell boosting its curb appeal:
- Add color to you landscape by either replacing flower beds or potted flowers, along with fresh sod.
- Replace light fixtures and plumbing fixtures that will give your home a modern touch for a minimal investment.
- Remove window treatments, unless they are current and high-end. That cuts the risk of turning off would-be buyers who don’t share your taste, and uncovered windows that will let more light into the rooms.
- If you’re using your dining or a bedroom as an office for example, turn it back to their original use.
- Replace dirty or worn carpet, you’re better off removing the carpet if there are hardwood floors underneath.
- Uncluttered your house by packing away items that you will not use on an every day basis is a must. You want the new family to envision themselves living in the home.
- A deep cleaning before you put your home on the market is a must, so everything shines.
- Repaint all rooms in neutral colors. A fresh coat of paint also makes the house look newer and more modern.
Focus on low cost improvements! This will enhance your house’s curb appeal, and get your house ready to Sell!
Sandy Flores Broker/Realtor (714)963-7462