You may not have realized, because it is not hugely advertised, but June is national homeownership month. This is not something that is newly created to be part of the trending national celebrations we have begun to take part in and tag online. National homeownership awareness actually began as a week-long celebration in the 1920s. It is a time to recognize and celebrate the benefits that come with homeownership.
This year, due to the worldwide pandemic, homeownership month looks very much different than we ever could have imagined.
For a large number of Americans, homeownership is at risk. Jobs were lost, paychecks were cut, layoffs and furloughs happened and all of this impacts the ability to pay current mortgages or to qualify for new ones as restrictions to qualify begin to get much tighter.
Through all of these changes, Americans can still agree that owning a home is one of the best investments for building wealth in our country. Last year the housing market overall saw an increase of 4% in home prices as compared to the previous year showing us the market was healthy and booming. This year even though the virus has created a few setbacks buyers are returning to the market and home sales are beginning to pick back up.
Though Home Ownership Seems More Difficult Now It is Not Impossible and National Home Ownership Month is Here to Help Americans Realize the Dream is Always Attainable if You Want it To Be.
There is always going to be a challenge facing first-time buyers or those looking to recover from financial hardship and hope to own a home. In the past challenges looked more like a low housing inventory, home prices soaring to outgrow wage increases, and large amounts of debt especially student debt. Now those issues have shifted to being focused on credit restrictions not allowing for loan qualifications, buyers affording less, and people looking for different types of homes than they were just a year ago.
There are still plenty of mortgage products available to help those who want to make homeownership a reality and attainable goal. Some options include VA loans, HFA loans, FHA loans, USDA loans, and even conventional loans coupled with private mortgage insurance.
Homebuyers that have hired the right professionals to be on their home buying team will find the right home ownership options for them. This includes hiring a knowledgeable local real estate agent that is an expert in their field and have the best mortgage broker helping them to find the best loan option.
You want to hire professionals that know their area extensively to help you find just the right home that you not only can afford to live in but truly want to live in. it is still possible even during this pandemic. National Home Ownership Awareness Month may look different this year, but there is still room to celebrate and help Americans become homeowners.
Are you looking to buy a home in Sedona or the surrounding Verde Valley? Please contact us anytime! We love Sedona and know it well. We can help you find a home that is just right for you. Contact us anytime.
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