Welcome Home: Home ownership: The recession didn’t scare buyers off
Special to the Daily
In a recent business wire story, it was reported that 75 percent of Americans still aspire to own a home and consider home ownership a major life goal. Despite a housing crisis that saw housing prices drop in many markets, Americans’ enthusiasm for home ownership hasn’t lessened, according to the study.
The survey found that non-homeowners under the age of 30 are even more positive about home ownership than older buyers: 47 percent of respondents under 30 say owning a home is very important. About 31 percent of all respondents to the survey said they can’t buy a home because they lack a down payment, 24 percent say they are holding off because they fear making a bad investment, and 21 percent say they aren’t buying because of the uncertain economic outlook.
Clearly, the American dream of home ownership lives on. In the face of a burst real estate market that saw average home values slide 54.2 percent over the past seven years, three out of four Americans still aspire to own a home and consider it a major life goal.
What else is driving this? The 30-year fixed-rate mortgage averaged 3.67 percent (0.7 point) for the week ending June 7, falling from last week’s average of 3.75 percent. Last year at this time, the 30-year fixed was 4.49 percent. The 15-year fixed-rate declined even further below 3 percent to 2.94 percent (0.7 point), down from last week’s 2.97 percent. A year ago at this time, the 15-year was 3.68 percent.
If you are in a position to buy or invest, now seems to be the time. I just spoke with a Denver agent today and she mentioned a property listed yesterday at 12:30 p.m. had multiple offers before 5 p.m. that same day. The price point is in the $250K and below but what a boom for sellers that have been patiently waiting for a few years. Another friend is purchasing a Front Range home to get the best of both worlds – a home in the beautiful mountains of “Ski County USA” and a home in Denver, one of the leading metro areas in nation.
Right here in Summit County many buyers are finding their first home in places like The Peak One Neighborhood and Wellington Neighborhood, just two examples of many opportunities here in Summit County that show the desire of Americans to pursue home ownership. One local stated that these communities are changing the face of their towns in a very positive way – bringing in owners/neighbors that otherwise, would not be here to serve and enhance our community.
Over time one might have to believe that prices can only go up. Call your Realtor today or call us and get the guidance to take part in an opportunity people will look back on thankful they did … or wishing they did.
Happy sunny days to all … Breath in that fresh air and be thankful!
Welcome home is produced by TheTeam@Elich.com. Butch Elich is a Realtor with RE/MAX properties of the Summit with over 20 years of experience to share with buyers and sellers from around world. Visit him at http://www.Elich.com or call (800) 806-9518 with any real estate or mountain community questions.
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