The U.S. Homeownership Rate Is Growing

The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:

That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.

If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.

Why Are More People Becoming Homeowners?

There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”

When you buy a home with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.

That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.

And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]

Some Highlights

• Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways.
• First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time.
• If you have questions about the housing market, let’s connect.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

Three Reasons To Buy a Home in Today’s Shifting Market [INFOGRAPHIC]

Some Highlights

• The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home.
• Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.
• If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.

Jerome Powell, Federal Reserve Chairman

“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…

So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”

Nonpartisan Analysis for the U.S Congress

“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”

Neel Kashkari, President, Minneapolis Federal Reserve Bank

“I think we need to prepare for a more gradual recovery while we hope for that quicker rebound.”

We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride for the next few months, but most agree that a turnaround will begin sooner rather than later.

During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential buyers and sellers put their real estate plans on hold. That time coincided with the traditionally busy spring real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your real estate plans back into play.

Bottom Line

The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!

Understanding Your Credit Score – Infographic

Because of its prominent role in the home buying process, it’s important for you to understand what a credit score is, how it’s compiled and how to obtain your credit report. For your FREE credit report, go to https://www.annualcreditreport.com and let me know if you have any questions!

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!