Happy National Homeownership Month from your Premier Title Agency team! (We hope you saw our Facebook post celebrating the occasion.) While it will be a month and a summer like no other, real estate professionals are your biggest supporters. Whether you’re celebrating as a first-time homebuyer or a homebuying pro, the process can be enjoyable.
Finding a time period to compare this pandemic to is difficult. You have concerns. To buy or not to buy...that is the question. While some have likened the pandemic to the Great Recession, that’s comparing apples to oranges.
What should be noted when buying your home is what economists call pent up demand. What is that, you ask? During a time of economic uncertainty, consumers tend to save their money. Purchasing big-ticket items takes a backseat to making car payments and buying groceries. As the economy stabilizes, the market can become flooded with customers who saved their money. All of this leads to lots of people buying...in this case, homes. With so many people buying, options can become limited, and prices often rise due to demand.
With that said, you may be confused as to whether now is a good time to buy a home, or if you should wait and see? Before deciding, talk to a real estate professional...a Realtor, loan officer or one of our Premier Title experts. Together, we can help you untangle the process whether you’re looking to buy or sell. Demand is already making a comeback, and we want to be the partner you can trust.
There are so many things to consider when making your decision. For example, you should expect your experience to veer off the traditional home buying path even as things start to return to normal. Check out this article from Forbes for points to consider when buying a home during the pandemic.
Regardless of your decision, it is important to be confident when making your purchase. Take your time. One thing that hasn’t changed is signing on the dotted line, and Premier Title can help you get to the closing table. Reach out to us today!
If you are looking to become a first-time homebuyer, here are some interesting facts and figures about homeownership from the National Association of Realtors:
- In 2018, first-time homeowners accounted for one-third of the homes purchases in the United State, and that group had a median age of 33.
- The percentage of buyers who use a Realtor to negotiate on their behalf and walk them through the process has grown. In 2018, almost 90 percent reported using a buyer’s agent. In 2001, that figure was at 69 percent.
- There are multiple options out there that do not require a 20 percent down payment. In fact, buyers who have a mortgage reported financing an average of 88 percent of the purchase price.