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Sunday, February 4, 2018

HOME OWNERSHIP UP IN 2017

For the first time in 13 years, the home ownership rate increased at the end of 2017.  Characterized as a “crucial turning point” by The Wall Street Journal yesterday, this is another sign that the real estate market has definitively turned around from the housing crash of 2008.

The home ownership rate rose to 64.2% at the end of the year, a healthy increase compared to 62.9% in the second quarter of 2016– when it was at a 50-year low.  “The home-ownership rate remains below the long-term average of around 65%.  Economists said there are likely still years of recovery ahead, in part because home prices are growing faster than wages and inflation.”

More good news - at the close of 2017, the home ownership rate for households under age 35 rose to 36% from 34.7%.  The turnaround in the home ownership of millennials is a good omen for the real estate market and the economy as a whole, since the housing industry stimulates jobs in construction, and sale of consumer goods and services.

With consumer confidence up in January 2018, it appears we are headed for a moderately good year in real estate.  It’s a good time to work on any plans you may have to sell or buy here on the North Fork.  There is a high demand, even during these cold winter months.  Just think, if you call us today, we can meet with you, and put a plan in place to sell or buy, so you will be ahead of the curve!

Call us at 631 765 5333 or come in and visit – we’d love to see you.  And...we have a gift for you as well!  With the new Suffolk County point-of -purchase charge for plastic bags, that went into effect the beginning of January, we are offering free reusable shopping bags!  And if I must say so myself, they are very attractive!


Source: The Wall Street Journal, January 31, 2018, Millennials Kick-Start Housing Market, Laura Kusisto, pages 1-2

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