Does Demand Still Exist?

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

The answer to that question is YES, demand still exists in the housing market. Will it continue to exist? Demand never really goes away, sometimes it's greater than other times. It's the inventory that's hurting us now. That and this virus that has most people unnerved (some more than others). Uncertainty is a major culprit in what we are seeing these days. More and more companies are telling their workers to work from home. There seems to be an expectation that people will flee to the suburbs. 

Massachusetts has the highest unemployment rate in the country at 17% (last time I looked). BUT, people have to live someplace ensuring there will always be a demand for housing, thus a need for professional Real Estate people who understand and specialize in servicing the housing market. 

 

Homeownership Rate Continues to Rise in 2020

Homeownership Rate Continues to Rise in 2020

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.

Yesterday, the U.S. Census Bureau announced:

“The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).”

Homeownership Rate Continues to Rise in 2020 | Keeping Current MattersThe increase is also represented by race and ethnicity of the householder:Homeownership Rate Continues to Rise in 2020 | Keeping Current MattersThere are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today. According to Ralph McLaughlinChief Economist for Haus:

“Mortgage rates are the icing on the cake for households that were thinking about buying…They found an unexpected opportunity during the worst economic downturn America has seen since the Great Depression.”

In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger and, as noted by Odeta Kushi, Deputy Chief Economist at First American, are the buyers driving the homeownership rate in an upward direction:

“Big jump in the homeownership rate today, mostly driven by younger households. We saw a spike in the number of owners, and a decline in the number of renters. This is the highest rate of homeownership since 2008.”

This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.

Bottom Line

If you’re thinking of buying a home this year, contact a local real estate professional today to take your dream one step closer to reality.

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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MA REALTORS
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Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Doug,

We have seen all types of markets and one thing remains so clear, real buyers buy and real sellers sell.  Of that we are certain regardless of what the pundits and experts say.  Enjoy your weekend. A

Aug 01, 2020 01:23 PM #1
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Doug Dawes  The market is Hot hot not many lookers but there are real buyers .The one thing I don't understand is why agents would want to do an open house

Aug 01, 2020 03:11 PM #2
Rainmaker
3,367,057
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug here in Los Angeles we have 45% unemployment rate and amazingly enough people are buying homes and vacant land too.... unfortunately because of the unemployment many homes fall out of escrow if the buyer lost his job before Loan Docs have been signed..... never the less the market is smoking...Endre

Aug 01, 2020 06:15 PM #3
Rainmaker
3,648,048
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Doug - in times of plenty and when the reverse is said to be common, moving continues to exist.  It's a matter of finding those who will and can perform. 

Aug 02, 2020 05:50 AM #4
Rainmaker
3,591,225
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Doug. Imagine the progress that could be made if the criminal anarchists would go away or be put away. Enjoy your day!

Aug 02, 2020 06:31 AM #5
Rainmaker
3,434,016
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Sunday Doug and with interest rates so low, if you can afford it, but a new house at these rates.

Aug 02, 2020 08:53 AM #6
Rainmaker
2,163,865
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Doug Dawes - the demand certainly is there but so is uncertainty.

Aug 02, 2020 02:49 PM #7
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

The talkin' heads always have to have something to say don't they Ron and Alexandra Seigel? We all know there are buyers and sellers in every market and that's a good thing

Aug 02, 2020 08:39 PM #8
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Hannah Williams 

I'd say people are still pretty much freaked and don't have a trusted source for information. No one seems to know what to believe

Aug 02, 2020 08:41 PM #9
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

That's the amazing part of all this Endre Barath, Jr. There is plenty of demand!

Aug 02, 2020 08:42 PM #10
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

The keyword is "finding" Michael Jacobs and that's part of our job...if we want to be able to pay our bills 

Aug 02, 2020 08:44 PM #11
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It's amazing what we are witnessing Wayne Martin. I saw an article where 21 members of antifa were arrested. All were white and 13 were public school teachers. We need to get back to life.

Aug 02, 2020 08:46 PM #12
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hey Will Hamm 

At Keller Mortgage I'm seeing 2.87% for a 30 year fixed rate. Lot's of refinancing going on too

Aug 02, 2020 08:47 PM #13
Rainmaker
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Oh, I know, regarding the uncertainty, Grant Schneider It's affecting so many in their decision-making process. 

Aug 02, 2020 08:49 PM #14
Rainmaker
5,820,124
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Most of the single family homes in our neighborhood have been selling in less than a week.

Aug 03, 2020 10:59 AM #15
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