According to a poll done by Harris Interactive for Move, Inc., 44% of home buyers think that the housing market will improve next year when the next president is in office.
The survey showed that 81% of home buyers are still nervous about the market and the obstacles that are keeping them from buying homes. The problems they face include lack of a down payment (28%), their income level (20%), lack of confidence in the ecomony (26%), and high home prices (31%).
Putting these fears aside can’t be easy, but many of the respondants do intend to buy a home in the future. Nearly half of current homeowners plan to purchase another home while 80% of renters plan to eventually buy. The poll also showed a slight shift in the way buyers are looking at properties they are considering. More and more buyers are willing to make sacrifices to save up a larger down payment, and are more willing to make compromises in neighborhood amenities. Buyers are taking current gas prices, growing environmental concern and the importance in community features into greater account.
“These findings show that despite the difficulties home buyers face in the wake of the subprime crisis and their concerns about economic uncertainty, underlying demand appears relatively strong. Consumers see better times coming,” said Lorna Borenstein, president of Move, Inc.
Personally, I am surprised by the statistic given for people who are concerned about the high price of homes. As we continue to see the prices drop throughout the country, homes are becoming more affordable to more people all the time. Please call me if you think you can’t afford to buy right now. I can help you sort through the rumors and give you the facts to help you determine is home ownership is right for you right now. I can also put you in touch with my trusted team of experts who can see if you can qualify for a mortgage.