Survey Says: Home Buying Makes Sense
A 2010 National Housing Pulse Survey showed nearly eight out of 10 home buyers believe purchasing a home makes good financial sense, even with recent economical challenges and the housing market. The study also showed that consumers now have the highest job security concerns in eight years of sampling. 70 percent of Americans surveyed said layoffs and unemployment rates are big problems in their area and have become a barrier to home ownership.
Despite the employment challenges and concerns, 68 percent believe right now is a good time to buy, even in the midst of economic uncertainty. Although this percentage is down slightly from last year, it’s up from 2007 and 2008. Record low mortgage rates and lower home prices are the main contributing factors attracting buyers toward the market. More than one-fourth of current renters surveyed said they’re more seriously thinking about buying a home than they were a year ago. 63 percent of the renters said owning a home is a priority for them at some point in their future. Right now Americans are seeing more stability in the real estate market and in home value, and especially in the historically low rates available.
The positivity in the market is not predicted to end this year. A strategy firm based in California expects that national home sales will increase by the fourth quarter of 2010 with some well-position markets advancing into 2011 and 2012.
Contact Guaranteed Rate today to find out more about mortgage rates and the housing market in your area.