Fun stats! Celebrate our favorite month of the year!
One of our favorite times of the year, National Homeownership Month, is upon us once again. Every June is dedicated to the recognition of homeownership and all of the benefits involved. If you already own a home, then you know how rewarding it can be. And for those still in the market for their first home, we can’t wait to help you get to the finish line and host a big celebration for you at the end.
The highest reported reason for purchasing a home was the desire to be a homeowner, according to this article from Rocket Mortgage. No surprise here that the desire to be a homeowner is enough to get 27% of all buyers to purchase a home. The difficult part of achieving that goal right now is finding the right deal seeing that prices were 8% higher from September 2020 to September 2021 and the number of listings were down 28% within the same timeframe.
This environment has created a very difficult market for buyers on a budget, and now rising interest rates bring their own set of obstacles. We know it’s been tough out there for many first-time homebuyers, but you have a whole team rooting for you. You likely know about the importance of a good Realtor and loan officer, and we are here to be the title and escrow experts who will help you get to the closing table and into the home. If you have any questions about title and escrow or how the entire process works, talk to us today.
Some other figures to know when it comes to homeownership in 2022
- The homeownership rate in the United State is around 65 percent
- Buyers are spending eight weeks searching for a home and looking at an average of nine properties
- 87 percent of buyers utilize the services of a buyer’s agent
- Recent homebuyers overwhelmingly say owning a home makes them feel independent, satisfied and proud