Homeownership Will Always Be a Part of the American Dream

According to Morgan DePalma, "On Labor Day we celebrate the hard work that helps us achieve the American Dream. Growing up, many of us thought about our future lives with great ambition. We drew pictures of what jobs we wanted to have and where we would live as a representation of a secure life for ourselves and our families. Today we celebrate the workers that make this country a place where those dreams can become a reality.

According to Wikipedia,

“Labor Day honors the American labor movement and the contributions that workers have made to the development, growth, endurance, strength, security, prosperity, productivity, laws, sustainability, persistence, structure, and well-being of the country.” Morgan continued.

The hard work that happens every day across this country allows so many to achieve the American Dream. The 2019 Aspiring Home Buyers Profile by the National Association of Realtors (NAR) says, "Approximately 75% of non-homeowners believe homeownership is part of their American Dream, while 9 in 10 current homeowners said the same. Looking at the number of non-owners, you may wonder, ‘If they believe in homeownership, why haven’t they bought a home yet?’. Well, increasing home prices and low inventory can be part of the reason why some haven’t jumped in, but that does not mean there is a lack of interest. The same report shows the increase in the desire to buy in the last year."

Morgan concluded, "As we can see, there are more and more people each quarter who want to buy a home. The good news is, as more inventory comes to the market, more non-homeowners will be able to fulfill their dreams. Finally, they’ll be able to move into that home they drew when they were little kids! If you’re a homeowner considering selling, this fall might be the right time, as there are buyers in the market ready to buy. Let’s get together to determine how you can benefit from the pent-up housing demand."

Morgan and all of the ERA Justin Realty full-service Realtor agents can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue. By office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. Also, view 1000s of homes at their websites at www.ERAJustin.com and www.ERAJustinRealty.com.

Still Think You Need 15-20% Down to Buy a Home? Think Again!

Still Think You Need 15-20% Down to Buy a Home? Think Again!

ERA Justin Realtor agent and management administrator Michelle Korosy points out directions for home ownership. "According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners but are able to as well!  Now that the largest generation since baby boomers has aged into prime home buying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise."

ERA Justin Realty Broker-Owner Jennifer Darby Metzger commented, "So, what’s holding these mortgage-ready millennials back from buying? Myths About Down Payment Requirements!  According to the Keeping Current Matters, Inc. news reporting service, Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and some programs for qualified buyers are available for even lower down payments! The study goes on to point out that despite limited awareness, many states have programs that provide grants and loans to make homeownership more attainable, with varying assistance in various states ranging up to $21,171."

Michelle concluded,  "The bottom line with so many qualified young families now able to buy a home in today’s market, the demand for housing may continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey! You should conduct your own research and due diligence and obtain professional advice before making any investment decision. Housing is still affordable in the United States."