J. Kent Erickson, Broker Associate
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Home Buyers are Optimistic About Homeownership!

Posted by on May 10, 2019 in Buying a Home, Home Ownership, Real Estate Market | 0 comments

When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and insights, and we read reviews online. There’s no difference when considering a home purchase! Most homebuyers start by listening to the news to hear what is being said about the real estate market. They check with family and friends about their experience. They spend time online reading reviews about their desired neighborhood. The challenge is that comments from the news and those closest to us can contradict the data and reports. One source says one thing, while another source says something completely different. There is a group of homebuyers that are not allowing comments about an upcoming recession to interfere with their decision to...

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How Quickly Can You Save Your Down Payment?

Posted by on May 2, 2019 in Buying a Home, Home Ownership | 0 comments

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a...

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Homeownership is a Cornerstone of the American Dream

Posted by on Mar 21, 2019 in Buying a Home, Home Ownership | 0 comments

“The rumors of my death are greatly exaggerated.” The famous quote attributed to Mark Twain can apply to homeownership in the United States today. During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years. That led to speculation that homeownership was no longer seen as a major component of the American Dream. That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers. However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters. Going forward… It appears the homeownership rate will continue to increase. The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners...

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