Americans are still holding onto the dream of home ownership.
According to Nerdwallet’s 2020 Home Buyer Report released Feb. 23, 84% of respondents said home ownership is a “priority,” up 9% from 2019.
Millennials were the most passionate about home ownership, with 88% saying buying a home is one of their main goals. Eighty-five percent of gen-Xers, 84% of gen-Zers and 79% of baby-boomers said the same, with 55% noting homeownership is a “good investment.”
Individual stability and security, along with wealth accumulation, were among the top benefits cited by homeowners in a 2019 survey, according to the California Association of Realtors®.
Home ownership stabilizes neighborhoods, improves the quality of schools, and reduces crime. It increases the opportunity to build wealth, a more secure retirement, and a legacy for our families.
This week, mortgage rates fell to an all-time low level of just 3.13%. That is down from 3.80% at the start of the year.
Although affordability and lack of inventory are obstacles, pent up buyer demand remains strong locally, with an 11.7% jump in sales in February of this year over February of 2019, according to the Santa Barbara Association of Realtors® Multiple Listing Service statistics.
With economic uncertainty in the financial markets driving rates lower, buyers who can afford the monthly payments have an opportunity to take advantage of significantly lower borrowing costs and savings over the life of their loan.
Owning a home is the cornerstone of the American dream. Realtors® can provide guidance and strategy to assist aspiring homeowners and help current buyers successfully navigate the market with confidence.
Call your Realtor® today to get started or contact the Santa Barbara Association of Realtors® at sbaor.com.
— Staci Caplan is the president of the Santa Barbara Association of Realtors. Contact her at stacicaplan@gmail.com.