Affordability has a strong impact on homeownership. Not surprisingly, four of five states with the lowest homeownership rates in the US are characterized by markets with high prices. Washington, DC has the lowest homeownership rate at 45.3%. At the opposite end of the spectrum, West Virginia, New Hampshire, Michigan, and Maine have among the highest affordability and homeownership rates.
As you can see from the chart below, existing home sales are trending upward. Existing Home Sales really increased in July, even after interest rates took a sudden climb in June. To me that mean’s home buyers still feel value in today’s interest rates and may also want to make their home purchase now before interest rates potentially go up later this Fall and Winter.
The chart below shows a snapshot of Monthly Retail Sale from this past March thru July. This chart clearly shows consumer spending is trending higher. As economic news continues to improve there will be more and more pressure for interest rates to continue to rise as well. If you know of anyone on the fence regarding a purchase or refinance, let them know now is a great time to take action. Please pass on my contact information if I can help answer any mortgage related questions.
CoreLogic reports that its national Home Price Index rose by nearly 12% in the year ended in June and was the 16th consecutive month of gains.
If you have been thinking about selling your home but concerned over its worth, this may be a great time to reach out to a realtor and get a Certified Market Analysis Report (CMA) to get your homes value in today’s real estate market. Please shoot me a note if you want a referral to the best realtors in the area.
If you do decide to put your home on the market, then please give me a call so I can pre-approve you for your next home.
Your home may be worth more than you think, so why not find out…