There are many reasons why home ownership is more compelling than renting. The infographic below from Florida Realtors via NAR highlights seven important ones.
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Why it’s Better to Own
Tag: Manatee County
According to a recent survey conducted by OnePoll on behalf of Divvy Homes, home affordability has become so out of reach that two out of five Americans believe they would need to win the lottery to become homeowners. The survey, which involved 2,000 current non-homeowners, also revealed that only 53% of them are confident in their ability to own a home someday.
With home prices in Florida still generally on an upward trend, navigating the real estate market has become challenging for both buyers and sellers due to mortgage rates. Currently hovering around 7%, some buyers have opted to put their home search on hold, hoping for a decline in either market interest rates or home prices, or even both. However, is this the most effective strategy?
While new listings were down YoY in May, we saw both closed sales and overall inventory rise when compared to May of 2022. The lower half of the market seems to be more active this year as the median sales price is finally moving down a bit. While I would like to see listings and inventory continue to rise, the market is continuing to look healthier now than it did a year ago. It is a reasonable time to be a buyer or seller in Manatee County. See the infographic below from Florida Realtors for more.
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U.S. Homeowner Equity
While Florida homeowners still have a relatively stronger position compared to the average U.S. homeowner, it is worth noting that the average U.S. homeowner with a mortgage experienced a decrease in home equity for the first time in over a decade. According to real estate data tracker CoreLogic, among the approximately 63% of U.S. homes with a mortgage, the average homeowner equity per borrower was $274,070 in the first quarter. This figure reflects a 1.9% decline from the same quarter in the previous year.