Homeownership Continues to Rise & Low Inventory is benefitting home sellers

SUPPLY IS LOW, DEMAND IS HIGH

"The homeownership rate rose to 64.2% in the fourth quarter of 2017 from 63.7% a year earlier, according to data released Tuesday by the U.S. Census Bureau. The share of Americans who own a home has been on the rise since the first quarter of last year, indicating a reliable upward trend.

The homeownership rate among households headed by someone under age 35 rose to 36% in the fourth quarter from 34.7% a year earlier. That was by far the largest increase of any age group during the period. 

“This is happening because young households are buying homes." - Laura Kusisto of the Wall Street Journal

Take advantage of the market if you are considering selling because lately I've been seeing 6 to 10 offers on homes under $1 million due to the increase in millennials purchasing homes. Therefore, you are likely to get a high offer on your home. However, if your home is worth over $1 million, you are still in a good position because inventory is LOW! 

Article on CNBC regarding low inventory & more- Home-Prices-Are-Overheating

When will Mortgage Interest Rates hit 5%?

Click the link to watch the video- Mortgage Rates Rising

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In Closing...

 

Take advantage of the market and call me at anytime.

Andrew Vargas