According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate has reached 65.3% in the first quarter of 2020. This number has been rising since 2016 and is the highest we’ve seen in eight years.
The National Association of Home Builders (NAHB) explains the rate increase:
“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”
Additionally, the NAHB also highlights the year-over-year increase in each generational group:
Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store. Your real estate plans don’t have to be completely on hold even while we’ve hit the pause button on other parts of daily life. Tackling small projects from cleaning the corners you may normally skip to tidying up your yard are easy and necessary wins if you’re thinking of listing your house and making a move.
Although the COVID-19 pandemic is causing an economic slowdown, home values have actually increased in 3 of the last 5 U.S. recessions. With the information at hand, the current housing market will not be a repeat of 2008.
If the idea of purchasing a fixer upper sounds appealing, be sure to conduct your due diligence to avoid falling into a financial trap. While these individual signs might not derail a sale on their own, they might warrant a call to a local expert who can assess the problem, offer solutions, or give repair estimates.
Finding the perfect house can take some time, and two thirds of home buyers have searched for more than three months before going under contract on a property. Here are some of their reasons for the time span.