June declared Home Ownership Month in Sussex County

During its regularly scheduled meeting June 3, the five-member Sussex County Council unanimously declared June as Home Ownership Month in Delaware’s southernmost county.

The announcement is the local portion of a nationwide movement designed to call attention to the American dream of home ownership. Throughout the country, the month is marked with celebrations, community service projects and housing initiatives, all designed to advance this key segment of the economy.

“We as Realtors know full well the impact that the real estate market has on the overall health of any area’s economy,” says Brad Riedle, 2014 president of the Sussex County Association of Realtors. “It’s important for us to publicly recognize this key economic component, even if it’s only for one month out of every year. We thank all five members of Sussex County Council for realizing how important the contributions of our industry are to the big picture.”

Despite some rough times in past years, first-quarter numbers from the U.S. Census Bureau show America’s homeownership rate is at an all-time high of 68.6 percent. Nearly 73 million American families now live in a home of their own.

Economically speaking, there is no questioning the impact an area’s housing market has on the economy. According to the National Association of Realtors, the sale of a home priced at $173,000 generates $58,529 in economic activity, including fees for real estate agents and title companies. But that figure also includes components like furniture, services like landscaping and countless other items.

New home sales contribute even more to the local economy, including construction materials and jobs.

“I know I speak on behalf of many of my colleagues when I say we feel honored and privileged to work in a profession that has such a profound impact on people’s lives,” says Riedle. “From a very young age, people grow up wanting a home and a piece of property to call their own, and we’re making these things happen for them. That’s a great feeling!”

The proclamation read by Council President Michael Vincent June 3 reads, in part: “…the Sussex County Council, in partnership with the Delaware State Housing Authority, USDA Rural Development, nonprofit housing agencies and the Sussex County Association of Realtors, will continue to provide assistance for home ownership for Sussex County citizens.”

In honor of National Home Ownership Month, local and state Realtor boards and associations across the country are sponsoring such activities as property improvement projects to aid the needy, essay contests centering on the theme of home ownership, financial counseling, homebuyer fairs and other community relations events.

For several consecutive years now, county council has recognized June as Home Ownership Month in Sussex County.

SCAOR is a resource for the public, as well as a recognized advocate for property rights and property owners in Sussex County. The association also monitors legislative issues on the local, state and national levels that may impact home ownership in the area.

To read more about issues related to Sussex County’s real estate industry, go to www.scaor.com.