As COVID eases its grip on social interaction and the economy, interest in homeownership is rising. And despite a very tight housing market, now is a great time to explore the buying process and get mortgage-ready.
As June Homeownership Month 2021 gets underway, we find the grip of COVID on social interaction and the economy loosening, and interest in homeownership rising to very high levels. At the same time, the number of homes on the market is historically low. This combination of factors has pushed home prices to record levels, with new listings often selling the same day they’re listed for thousands over the asking price. Throw in mortgage interest rates still sitting near record low levels, and you get a variety of conflicting signals on whether or not now is the time to buy.
The fact is, timing depends on your own financial situation and how ‘mortgage-ready’ you are at this particular moment. If you’re in a good spot along these lines, historically low interest rates can save you tens-of-thousands of dollars over the life of a mortgage. And if you need to do some prep work on your credit score, now’s a great time to Get Ready, so you can Be Ready when the market cools a bit. A Homeownership Advisor can help determine your readiness, and assist you with any work you need to do to improve your situation.
In observation of Homeownership Month, the Homeownership Opportunity Alliance (HOA) is holding a YouTube Video Premiere event on Tuesday, June 1 at 6pm. This 30-minute walkthrough of our homebuying help features homeownership advisors, lenders active in the HOA, Minnesota Housing representatives and Center staff. The video will be available for viewing here.
On the Center side of things, several of our Network partners are offering Home Stretch classes for free during the month of June. Here’s a list as of May 27. As these classes are all virtual, attendees from anywhere in Minnesota are welcome to attend:
- June 8 & 10 – 530p-10p (SEMMCHRA)
- June 8, 9 & 10 – 530p-830p (NeDA [SPANISH])
- June 12 & 13 – 12p-430p (CAPLP)
- June 12 & 19 – 830a-1p (SEMMCHRA)
- June 13 – 9a-530p (PRG)
- June 15, 16 & 17 – 530p-830p (NeDA)
- June 15 & 17 – 530p-10p (SEMMCHRA)
- June 26 – 9a-530p (PRG)
- June 29 & July 1 – 4p-830p (CAPLP)
We wish you a successful Homeownership Month and a great summer!