Homeownership at lowest level in 15 years.
The U. S. Census Bureau released stats the other day showing that the numbers of people owning homes has slipped to its lowest level since 1997. While there are many good signs for the Champaign Urban real estate market and for the economy overall, this was not good news. But in reality there are good aspects of this both for real estate sellers and home buyers….or those who dream of owning a home.
Good News for Real Estate Buyers
1. There are lots of homes still on the market
2. Banks expect to foreclose on more homes in the next few months and these properties will come on the market at bargain prices.
3. Interest rates are expected to stay very low for at least 15 months according to how lending experts interpret the Federal Reserve now.
Good News for Real Estate Sellers
1. There is a huge population of people who are renting now and who could own a home for less.
2. The economy is on the upswing even though the real estate market is sluggish.
3. Homes are selling in Champaign Urbana and while there are many homes still on the market. there is room.