by David Brenton, Team Broker/Owner
So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 had more than a few challenges.
Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.
There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates.
“Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today.”
In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current housing situations.
At the same time, strong buyer demand has been of benefit to homesellers as they are seeing their homes sell for higher prices in shorter timeframes than they would normally have anticipated.
This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.
Contact us at 317-882-7210 to schedule a time to meet with me or one of my Team Members so we can discuss your plans for the remainder of 2020 through 2021.