June is National Homeownership Month. Let's Extend That!


June is known as national homeownership month. In this age of COVID-19, everything has been pushed back a bit. Including the traditional spring real estate season, which is now starting to ramp up in Chicagoland as coronavirus cases are down and summer is just warming up … along with our market.

So why not extend homeownership month?

Owning a home has many benefits. The vast majority of Americans build their net wealth through accumulating equity in their homes, not through the stock market. Homeownership also builds a sense of community, safety and pride.

The coronavirus pandemic has caused people to rethink what’s important to them. The previous trend of downsizing may be in reverse now. As folks are realizing the psychological and practical benefits … for example, having a larger house with a dedicated home office … of life in the suburbs. 

The recession of 2008-2010 caused a housing contraction. The pandemic we’re currently in (and hopefully coming out of) could cause a housing expansion – particularly a greater demand for detached single-family homes. Our latest Mainstreet market statistics seem to bear this out. Detached homes under contract were up 2.1 percent compared to last May. With the median sales price up 0.9 percent to $283,750.

And mortgage interest rates are literally at an all-time low, at or below 3 percent in some cases. Who would’ve thought this possible? Not me. But I’ll take it. Because this benefits families who have dreams of homeownership. It helps renters become first-time homeowners. It helps existing homeowners leapfrog into a larger place that’s better for their growing families.

As June gives way to July, let’s extend our recognition and celebration of homeownership. For everyone who strives for it. Mainstreet REALTORS® are dedicated to helping people of all backgrounds achieve their dreams of homeownership … turning consumers’ dreams – diverse as they are – into reality.

Whether in June, July or any month when real estate consumers need our help and expertise. Homeownership. It’s what we’re all about. That’s Who We R. So let’s keep the celebration rolling!