Where do you fit in the “real estate circle of life”?

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Home inventory

Get ready for lift off – I think the fall market is going to be amazing! Market Watch reported that consumer confidence is at its highest level in 16 years. When consumers feel confident they get out and do things, like buy homes.

The Z Report, published by Zelman and Associates, projects that the homeownership rate for 2017 is going to be the highest it has been in three years. The president of the Mortgage Bankers Association, David Stevens, sees a strong and improving economy with low interest rates and high employment. He also commented on the fact that home-buying millennials will keep the housing market on a steady course for the foreseeable future.

Gallup did a poll that asked the question, “What do you think is the best long term investment?” Real estate came in with the highest percentage at 34% – higher than stocks and mutual funds, gold, savings accounts or bonds. An NAR (National Association of Realtors) study came out indicating that 84% of Americans now believe that purchasing a home is a good financial decision. Homeownership has proven to be an effective way to build personal wealth, renting is an effective way to build your landlord’s wealth! Either way, you are paying a mortgage.

With existing home inventories being so low, we need to look more than ever to new construction to fill the housing gap. Move-up buyers can build that larger 4 or 5 bedroom home to fill the need for their growing family. That frees up a more modest home for the millennial or first time home buyer. The down-sizing or retiring couple can build their lake home and free up their existing home for a growing family. Give me a call, and let’s see where you fit in the “real estate circle of life.”

– Randy Cullen, NMLS #326128

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