Obstacles to Homeownership
Thursday, October 1, 2009
Many Americans believe that a lack of money for a down payment and closing costs is the biggest obstacle to homeownership, according to National Association of Realtors (NAR’s) 2009 National Housing Pulse Survey. Job security is also a major concern. Two-thirds of those surveyed think layoffs and unemployment are a big problem, and 8 out of 10 think those issues are a barrier to homeownership.
While three-fourths of Americans say declining property prices have made homes more affordable, 8 out of 10 say it’s harder to a home in their area today than it was a year ago. Nearly half (44%) attribute their inability to sell to the large number of homes for sale in their market.
But respondents do expect to see home prices stabilize in the near future. Nearly 7 out of 10 expect local home prices to stay the same over the next three months, while only 18% expect to see further declines, the survey finds.
Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
