A Refreshing Take On The Housing Market

 

A vast majority of Americans believe that buying a home is a solid financial decision, and most believe they could sell their home for at least its initial purchase price, according to a new survey from the National Association of Realtors®. The 2015 National Housing Pulse Survey also found that a preponderance of Americans think that now is a good to buy a home.
The survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 50 largest metropolitan statistical areas, found that more than 8 in 10 Americans believe that purchasing a home is a good financial decision, and 68% believe that now is a good time to buy a home. 71 % believe they could sell their house for what they paid for it, a jump of 16% from 2013.
When asked for reasons about why homeownership matters to them, respondents’ answers did not change significantly from past years. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top three reasons to own a home.
The number of renters who are now thinking about purchasing a home has increased since the last survey in 2013, up from 36% to 39%. 61% of renters stated that owning a home is a priority for their future. According to the survey, 80% of respondents believe that pre-purchase counseling programs and classes are very or somewhat important. 45% of homeowners who said they did not take a counseling program, reported they would have taken part in one had it been easily available to them.
Attitudes about the housing market have improved in recent years. 49 % of respondents indicated that they feel activity in the housing market has increased in the past year, compared to 44% in 2013 and 12% in 2011. 89% expect home sales in their area to either increase or remain the same. Concern about foreclosures has also declined, with only 15% of respondents indicating that foreclosure is a major concern.
In addition to improved attitudes about the housing market, survey participants also showed an improved outlook regarding the economy. Only 36% think that job layoffs and unemployment are a big problem, a substantial drop from 45% in 2013.
Perceived obstacles to homeownership

• 78% of respondents point to college debt and student loans as the main obstacle to making a home purchase affordable.

• 66% of participants said they have a full-time job but still did not make enough money to purchase a home.

• 74% believe they do not have enough money for a down payment and closing costs.

• As the market has improved, concern about the cost of housing has increased. • There is additional concern over the lack of available housing.

• For adult millennials under the age of 35, the burden of student debt is their chief concern, with 86% of respondents naming college debt as an obstacl

The 2015 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program.
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