I came across this graph that is was very interesting! It shows the homeownership rates were almost 70% in 2014 and now it around 64%. Ok….but…. Why does this matter? It means that a lot of buyers have dropped out of the housing market! From this data, we can see that there was a 6% loss of the buyers in the housing market. There are 126 Million households in the US. This means that there are 81 million homes owned by people in the US. For every 1% drop in the Homeownership Rate that equals 1.3 million homes not being bought or a total of 9.6 million homes not bought since the peak in 2014! THATS ALOT OF HOMES!!! So as these 9.6 million home buyers start to come back into the market and BUY we will see demand increase. I am sure many of these people were hurt by the Real-estate collapse 10 years ago (between 6 and 7 million homes were foreclosed on since then.), as time passes and wound heal and credit is repaired, the economy keeps gets better, this huge mass of people will be ready to buy a home in the next few years! #myhomesavannah #teamyannett #savannahrealestate #savannah
THATS ALOT OF HOMES!!!
Oct 02, 2018