Did You Outgrow Your Home in 2020?

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.

These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your current home, let’s connect to discuss local market conditions and determine if now is the best time for you to sell.

How to Handle a Burst Pipe and Minimize Damage

photo courtesy of RISMedia Housecall 12/31/2020

   We haven't quite hit cold enough temperatures for extended periods of time in Oregon, but they could soon be on the way as we continue through this winter season.  

Frozen or burst pipes during the cold weather months can be one of the most costly maintenance issues you'll face as a property owner. A burst pipe suddenly flooding your kitchen can quickly become an out-of-hand emergency that could cost you thousands of dollars in damage. A quick and accurate response is key to resolving the issue and mitigating both damage to your property and your out-of-pocket cost.

Preventive Steps

If you own property in an area that experiences cold weather, you need to be aware of seasonal maintenance tasks that will help you protect your property as the weather changes each year. One of the most important steps is to winterize your pipes to ensure they won't freeze or burst when the temperature drops. This includes action items like insulating any exposed pipes, detaching garden hoses and covering outdoor faucets. If the weather gets cold enough, you may even consider leaving a faucet dripping or opening cabinet doors during the coldest parts of the day.

No matter how prepared you might be, accidents and emergencies still happen. You'd be wise to set up a savings account specifically for your property so you have a "rainy day" fund set aside for unexpected expenses. All homes—regardless of age, location or condition—will inevitably need some form of emergency repair.

Actions to Take for Frozen Pipes

A frozen pipe will not necessarily burst, so if you can catch a frozen pipe early on, you could save yourself a major headache. When frigid temperatures hit, be sure to check your plumbing and keep an eye out for warning signs like faucets only releasing small amounts of water or toilets not refilling when flushed. If you do run into one of these issues, you're likely dealing with a frozen pipe.

If you suspect you have a frozen pipe, your first step should be to cut off the water supply to that section of the plumbing. Expanding and freezing water can quickly cause damage. Even if the water supply is shut off, you will likely still deal with some leaking from the water that defrosts after the pipe has thawed. Be prepared with a mop, bucket and/or towels to quickly soak up any excess water.

In order to thaw a frozen pipe, you can use a space heater, infrared or incandescent heat lamp, or even a hairdryer to warm up the frozen area. Heat tape is also an option and should be used according to manufacturer instructions. Do not use any sort of open flame to thaw frozen pipes, as it poses a major fire hazard and can damage your pipes further.

Actions to Take for a Burst Pipe

Water damage claims are the second most common insurance claim in the U.S. When you're dealing with a frozen pipe, the water continues to expand as it freezes, which creates pressure that can cause a pipe to burst. When this happens, the crack or leak in the pipe allows water flow from the pipe to enter your home where it shouldn't. If a pipe does burst, you need to act quickly to mitigate property damage and repair cost.

• Your very first step should be to shut off your main water supply to minimize flooding—typically the most expensive damage to address.
• Once you've shut off the water supply, make sure you identify the entire area that has been impacted by the leak. Remove as much water as possible—as quickly as possible—using a mop, sponges, towels or a shop vacuum or wet/dry vacuum.
• To prevent long-term damage due to moisture build-up, run a dehumidifier or fan in the affected area.
• Contact a licensed plumber to ensure the pipe is correctly repaired before running any water to that section of the home again.

Burst pipes and the associated water damage are something you absolutely want to avoid as a property owner. If you've had to learn your lesson the hard way, don't let yourself get caught in a similar situation during the next spell of cold weather. The best way to deal with frozen or burst pipes is to prevent them in the first place—proactive winter maintenance will save you time, money and a whole lot of stress.

                                                  Adapted from RISMedia Housecall, How to Handle a Burst Pipe and Minimize Damage, by Brentnie Daggett 12/31/2020

Should You Buy a Retirement Home Sooner Rather than Later?

 

Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.

Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire? If the sand and sun are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that beach bungalow you’ve always dreamed of or the single-story home in the sprawling countryside that might be a little further out of town. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement.”

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75%) own their homes, and only 23% have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38%) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.

Why These Homeowners Are Making Moves Now

The health crisis this year made us all more aware of the importance of our family and friends, and many of us have not seen our extended families since the pandemic started. It’s no surprise, therefore, to see in the same report that 32% of those surveyed cited the top reason they’re making a move is that they want to be closer to family and friends (See graph below):

The survey also revealed that 73% percent of retirees currently live in single-family homes. With the overall number of homes for sale today hitting a historic low, and with the buyer demand for single-family homes skyrocketing, there’s never been a more ideal time to sell a single-family home and make a move toward retirement. Today’s market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of low interest rates.

If you’re one of the 73% of retirees with a single-family home and want to move closer to your family, now is the time to put your house on the market. With the pace homes are selling today, you could essentially wrap up your move – start to finish – before the holidays.

Bottom Line 

Whether you’re looking to fully retire or to buy a second home with the intent to use it as your retirement home in the future, the 2020 fall housing market may very well work in your favor. Let’s connect today to discuss your options in our local market.

Decor Hacks to Liven Up Any Space

Homebuyer Demand Is Far Above Last Year’s Pace

It's an active real estate market in the Portland Metro area!  Many newly listed homes are going pending within a week or so of going on the market.  Many homeowners, with list prices in all price ranges, are receiving multiple offers on their homes.  Buyer demand is strong in Portland communities, however, the inventory of available homes less than 2 months in many local areas.  Our activity is similar to what is happening nationally, and doesn't seem to be slowing down as we approach the end of 2020.

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Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”

This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:

“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:                                                                            What Does This Mean for Sellers?

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.

Is This Trend Going to Continue?

As CNBC notes, there are no signs of slowing buyer demand this fall:

“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”

Danielle Hale, Chief Economist at realtor.com, concurred:

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.

Bottom Line

If your current home doesn’t meet your family’s changing needs, let’s connect to help you sell your house and make the move you’ve been waiting for all year.

September Home Maintenance Checklist

 

Are You Ready for the Rainy Season?

Don’t get all wet. Prepare for the rainy season while it’s dry.

As Benjamin Franklin once said, an ounce of prevention is worth a pound of cure.

We know. The last thing you are thinking about at the summer barbecue is preparing for the stormy season. But it really is worth taking a look around your house during fair weather, because finding out you have a problem during inclement conditions is at best inconvenient and at worst very costly.

Check your rain gutters.
Clear them out and make sure they are in good working order to prevent damage to the roof or house.

Look at your roof.
If you see loose or damaged shingles, get them repaired. Look for tears and buckling on flashing. Check the chimney and look for damaged bricks, cap or cracked joints. Don’t forget the flashing there too.

Check indoors for signs of roof leaks.
Look for discoloration and peeling paint on ceilings and walls. Check in the attic for damp rafters.

Check the trees.
Trim back branches and cut sections that could fall in a rainstorm.

Check doors and windows.
Make sure they are properly insulated with weather stripping.

Look for water collecting at the base of the house.
Redirect water with trenches or drains.

Keep sandbags on hand.
If your area is prone to flooding, keep them filled and at the ready.

Check for erosion.
This is important if you live near a hillside. Shore them up if necessary.

The Top Reasons People Are Moving This Year

Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

According to Zillow:

“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.”

With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

1. Working from Home

Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

2. Virtual Schooling

With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

“For many in quarantine, a significant decrease in activity is more than a vanity issue – it's a mental health issue.”

Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space

Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

You may, however, not have the extra square footage today to have these designated areas – indoor or out.

Moving May Be Your Best Option

If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

It’s a great time to get more home for your money, just when you need the extra space.

Bottom Line

People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, let’s connect to discuss your needs.

How Is Remote Work Changing Homebuyer Needs?

With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.

According to George Ratiu, Senior Economist for realtor.com:

"The ability to work remotely is expanding home shoppers' geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term…Although it's too early to tell what long-term impact the COVID-era of remote work will have on housing, it's clear that the pandemic is shaping how people live and work under the same roof." 

Working remotely is definitely changing how Americans spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters.

A recent realtor.com-HarrisX survey indicates:

“In a June poll of 2,000 potential home shoppers who indicated plans to make a purchase in the next year, 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely, while nearly 40% [of] that number expected to purchase a home within four to six months and 13% said changes related to pandemic fueled their interest in buying a new home.

Clearly, Americans are thinking differently about homeownership today, and through a new lens. The National Association of Home Builders (NAHB) notes:

“New single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs.”

Through these challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. This has quickly shifted what home truly means to many American families. More than ever, having a place to focus on professional productivity while many competing priorities (and distractions!) are knocking on your door is challenging homeowners to get creative, use space wisely, and ultimately find a place where all of these essential needs can realistically be met. In many cases, a new home is the best option.

In today’s real estate market, making a move while mortgage rates are hovering at historic lows may enable you to purchase more home for your money, just when you and your family need it most.

Bottom Line

If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, let’s connect today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success.

How to Create A Home Oasis

4 Ways to Make a Small Space Feel Bigger

Expand your close quarters with just a few cosmetic changes.

Square footage determines how big a home is, but painting, furnishings and decorating can affect how big a home feels. Looking to make a small space feel bigger?  A few simple cosmetic changes can help.

Consider these four ways to make any small space in your home appear more, well, spacious.

1. Incorporate mirrors

Create the illusion of expansive walls with the addition of a mirror. This elegant touch can save a room from art-overload, which happens when too much pattern and color collide in a small space. A mirror also creates depth, which is always a plus.

Best of all, mirrors reflect natural light, potentially doubling the amount of sunlight streaming into the room. That alone will make the space feel bigger.

2. Try lighter colors

Especially in small spaces, lightness means brightness. A fresh coat of light-colored paint in a cramped room creates an inviting atmosphere by mimicking natural light. For those who enjoy brighter colors, white walls are a fresh blank canvas for other elements.

If repainting needs to stay on the to-do list for the time being, try adding pops of light color on decor around the room. In a small living room, for example, give the sofa a makeover with white linen throw pillows and a neutral throw blanket - or opt for other quick fixes like bright new lampshades.

3. Streamline furniture

If you're looking to make a bigger change to a small space, reconsider the size of the current furniture. When every piece is chunky, a room tends to look crowded. A few sleek pieces of furniture will open up floor space and let you showcase larger items like an heirloom hutch or statement coffee table. Aim to make your furniture proportionate to the size of the room.

And, don't underestimate the impact of window accessories. Long drapes are popular for making ceilings look higher - hang them well above the window frame to show-off the full length of the wall. Sometimes, simply replacing old, heavy curtains with unobtrusive shades can make a major difference.

4. Get rid of clutter

While purging clutter around the house benefits your well-being in multiple ways, it also makes your rooms appear bigger and less stuffy. Go minimalist and simplify surfaces like walls, bookshelves and end tables, reserving those areas for a select few favorite pieces.

In the end, making a small space feel bigger is mostly about the balance between personal flair and a clean, uncluttered ambiance.

Leah Curtis, REMAX Blog 7/21/2020

A Historic rebound for the Housing Market

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.

National Insurance Awareness Day - June 28, 2020

                                                                          

June 28 is National Insurance Awareness Day.  Although it's not as much fun as Talk Like a Pirate Day, it is a valuable reminder for savvy homeowners. Conducting an annual review of your homeowner's insurance policy can contribute to your peace of mind all year long.

While it doesn't happen often, at least in my past experience, I have worked with homeowners who have run into snags with their homeowner insurance coverage. Here are a few examples:

• Insurance was cancelled due to a missed monthly payment - after having insurance through the same agency for multiple years, an unfortunate lack of effective communication or reaching out to the homeowner resulted in home insurance being cancelled for nearly 3 years without the homeowner's knowledge.  The homeowner discovered the lapse when they were considerng selling their home, and got the insurance re-instated.

• Insurance was cancelled when an agency went out of business, the clients were transferred to another insurance carrier, and the homeowner didn't update their records or payments with the new agency.

• Insurance was 'force applied' by the lender when the mortgage was sold to a different mortgage servicer but the home insurance information was not provided.  When mortgages get sold to a new servicer, or when homeowners change insurance carriers, updated insurance coverage information needs to be provided to the mortgage company.

• Homeowners were surprised when they learned upon selling their home, that the small creek behind their home had expanded into a flood zone on the FEMA maps requiring the homeowner to carry flood insurance.  The homeowner didn't have a mortgage, so it wasn't flagged by their insurance company as being needed.
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Is your homeowner's insurance doing its job?

You're probably familiar with the basics of homeowner's coverage since it's mandatory if you have a mortgage. Here's a rundown of the types of losses it may cover, including some additional coverage you may want to add if you don't carry it now.

Basic coverage may include dwelling coverage. It pays for damage to your home and detached structures, including sheds, fences, and garages up to the limit you specify. it will also include personal property coverage, which pays for repair or replacement of your home's contents such as furniture, appliances, electronics and clothing if they are damaged by a fire, weather or stolen during a burglary. If you haven't yet made out an inventory of your personal property, now is a good time to consider doing so. 

More coverage = more peace of mind

You may have options to bump up your basic coverage, which can save money if and when you file a claim. One option is replacement cost coverage. Instead of actual cash value coverage, which factors in depreciation to your possessions before issuing payment, replacement cost coverage will provide you with a bigger payment. This coverage helps you replace items at today's replacement cost so you won't have to make up the difference yourself.

Other Options to consider

• Liability and medical coverage protects you in case someone injures themselves on your property and files a claim against you.
• Loss of use coverage pays for your living expenses if your home is too damaged for you to inhabit while it is being repaired or rebuilt.
• Valuable items protection does just what it says. It provides additional coverage for jewelry, antiques, fine are, electronics, computer equipment and more.

Specialized coverage to help cover more bases

Flood insurance is often overlooked by homeowners if their mortgage lender didn't make it a mandatory purchase. But even if you're not in a low-lying area, it's worth checking out the Federal Emergency Management Agency's (FEMA's) Floodsmart web site. According to FEMA, people outside high-rish flood zones file more than 20% of all flood insurance claims.

Earthquake insurance can sometimes be added to a standard homeowner's insurance policy, although you may have to purchase separate, stand-alone insurance. The risk of being affected by an earthequake isn't limited to California - check out his online Earthquake Hazard Map to see if you should look into adding coverage.

Umbrella coverage picks up the slack from anything not covered by the coverages already described here. It protects you from major claims and lawsuits - things most of us would never anticipate until they happened. It kicks in when the liability protection provided by your homeowner's insurance and auto insurance is maxed out, or doesn't offer protection for a particular incident.

Here are some situations where umbrella coverage can make a difference: property damage, liability coverage on rental units you own, malicious prosecution, libel, slander, and other personal liability situations. Fore example, if a neighbor's child is injured on your back yard trampoline or bitten by your dog, or if you car is totaled by an under-insured party, umbrella coverage could save the day.

It's worth an annual call to your insurance agent to get answers to any questions you have and ensure you have the proper coverage you need.

Adapted from Equity Group Mortgage Blog; The information in this article is for informational purposes only and should not be considered legal advice or advice of a licensed insurance agent.

7 Strategies for a 2020 Open House

Some Highlights

• Buyer interest is high right now, so this summer is a great time to sell your house.
• Here are 7 strategies to help make your house showing a safe and effective one.
• Let’s connect today to get your house on the market while buying is hot.

The Benefits of Homeownership May Reach Further Than You Think

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years.

June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National Association of Realtors (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you reason to think homeownership stretches well beyond a sound dollars and cents investment alone.

Non-Financial Benefits

Owning a home brings families a sense of happiness, satisfaction, and pride.

• Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
• Property Maintenance and Improvement: Your home is your stake in the community, and a way to give back by driving value into your neighborhood.
• Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area.

Financial Benefits

Buying a home is also an investment in your family’s financial future.

• Net Worth: Homeownership builds your family’s net worth. “The median family net worth for all homeowners ($231,400) increased by nearly 15% since 2013, while net worth ($5,000) actually declined by approximately 9% since 2013 for renter families.”
• Financial Security: Equity, appreciation, and predictable monthly housing expenses are huge financial benefits of homeownership. Homeownership is truly the best way to improve your long-term net worth.

Economic Benefits

Homeownership is even a local economic driver.

• Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
• GDP Growth: Homeownership also helps drive GDP growth as the country aims to make an economic rebound. “Every 10% increase in total housing market wealth would translate to approximately $147 billion in additional consumer spending, or 0.8% of GDP, as well as billions of dollars in new federal tax revenue.”
• Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership are vast and go well beyond the surface level. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact on your local economy. If owning a home is part of your dream, let’s connect today so you can begin the homebuying process.