View the Percentage of Homeownership by Decade and by State

Percentage of Homeownership by Decade and by State

Thursday October 27th, 2016  For Buyers, For Sellers, Housing Market Updates

There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference.

However, today we want to shine some light on the issue by:

1. Showing what historic homeownership rates have looked like over the last 130 years.
2. Breaking down the current percentages by state.

Historic Homeownership Rates:

Current Homeownership Rates by State:

All of the states that you see in blue on the map above have a greater homeownership rate than the national average.

Bottom Line

Though the homeownership rate has fallen recently, the percentage is still at a healthy rate compared to historic numbers, and most states currently have a higher percentage than the national average

*simplifyingthemarket

Call Heidi Buchberger RE/MAX Realty Center 262-443-2672

Buying is Now 37.7% Cheaper Than Renting in the US- RENTERS*** CALL HEIDI BUCHBERGER RE/MAX Realty Center

Buying is Now 37.7% Cheaper Than Renting in the US

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!

Other interesting findings in the report include:

• Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
• Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the tipping point of renting being less expensive than buying.
• Nationally, rates would have to reach 9.1%, a 145% increase over today’s average of 3.7%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to help you find your dream home.

Waiting Period to Purchase

Waiting Period to Purchase 

IF YOU ARE READY TO BUY A HOME AGAIN, CONTACT ME TODAY!!! 

Don't Wait...Buy the House you REALLY want now!

According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.

Don't wait until next year, or the following, if you want a different home, bigger home, larger yard, or more space, make the move now or it will end up costing you a lot more $$$$$

I am a RE/MAX Realtor in Waukesha, Jefferson, Milwaukee, Dodge Counties. We live in a wonderful Midwest State that has a LOT to offer home owners!!! 

I want to help you transition into the house you've been thinking about :-) 

Contact me phone, email, text and send me your questions or needs!! I am here to work for you, and be the expert Realtor you are looking for in SE Wisconsin!! 

Connect With Me

     

If you have Family, Friends or Neighbors that are considering buying a new home or selling their existing please have them contact me.   I appreciate referrals!

Three Questions to Ask Before Buying your Dream Home

Three Questions to Ask Before Buying your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a recent survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the four major reasons people buy a home have nothing to do with money. They are:

• A good place to raise children and for them to get a good education
• A place where you and your family feel safe
• More space for you and your family
• Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.

What does that mean to you?

Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait until next year. Your down payment will need to be higher as well to account for the higher home price.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase over the next twelve months as you can see in the chart below:

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision

Why We All Need a 'Phil Dunphy' on Our Side

     Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want.

     When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal.

     For those who aren’t familiar, the character Phil Dunphy is a Realtor with a huge heart who always strives to do the best for his family and his clients.

In one recent episode, Phil even shared the oath that he created and holds himself to:

"On my honor, I promise to aid in man's quest for shelter, to recognize I'm not just in the business of houses -- I'm in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients' needs before my own." 

     While this might seem silly, and it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client's needs above your own are not to be taken lightly.

Bottom Line

     When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process.

I want to be YOUR local Lake Country, WI Real Estate Buyer's Agent!!! Heidi Buchberger RE/MAX Realty Center 262-443-2672

Mortgage Rates by Decade Compared to Today

Mortgage Rates by Decade Compared to Today 

Some Highlights:

• The interest rate you secure for your mortgage greatly influences your monthly housing costs.
• In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000.
• Interest rates are still at historic lows; this is a great time lock in your housing cost and protect yourself from increasing rents, or refinance your current mortgage.

Contact me for information on today's mortgage information and local Lake Country, WI lender referrals! 

Heidi Buchberger RE/MAX Realty Center

262-443-2672