In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.
- 24% of all recent home buyers were single at the time of purchase.
- 47% of single men cite the desire to own a home of their own as the primary reason to buy.
- 18% of first-time buyers were single women.
How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is “an online resource for the most rigorous research and practical information on how a quality, stable, affordable home in a vibrant community contributes to individual and community success”.
A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.”
There are some renters that have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either your mortgage or your landlord’s.
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows.
- Harvard University’s Joint Center of Housing Studies recently released the top financial & emotional reasons to own a home.
- Owning is a good way to build up wealth that can be passed along to your family as it is usually a form of “forced savings.”
- You’re paying for a house whether you own or rent, but owning gives you control over your living space.
Some of the housing headlines are causing concern for some consumers who are in the process of either buying or selling a home. Pundits are concerned over the lack of new construction or the month-over-month sales numbers. Let’s set the record straight; 2015 was a good year for residential real estate in the United States and 2016 is starting out stronger.
In CoreLogic’s latest Home Price Index, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month, and projected appreciation over the next twelve months.
The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it’s highest reading since July 2015.