Nearly three out of four renters (72 percent) say owning a home is a top priority for their future, up from 63 percent a year ago, according to the 2011 National Housing Pulse Survey from the NATIONAL ASSOCIATION OF REALTORS®. But more than three-fourths of renters say they would be less likely to buy a home if they were required to put 20 percent down, and 71 percent believe a 20 percent down payment requirement could have a negative impact on the housing market.
Some groups of homeowners — including self-described “working class” homeowners, younger non-college graduates, African Americans and Hispanics — believe that a 20 percent down payment requirement would have prevented them from becoming homeowners. More than eight out of 10 respondents (82 percent) say the top obstacle to homeownership is having enough money for a down payment and closing costs, followed by having confidence in one’s job security.
Great info. from CRS Member Connect on-line newsletter
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Despite the ups and downs of the housing market and the decline in housing values, most homeowners, including those who are under water on their mortgages, don’t regret owning a home. In a new survey by the National Association of Home Builders, three out of four Americans believe that owning a home is the best long-term investment and is worth the risk of the ups and downs of the housing market, and 95 percent say they are happy with their decision to own a home.
That sentiment is also strong among homeowners who are under water on their mortgages. Nearly two-thirds (65 percent) believe owning a home is worth the risk of the ups and downs of the housing market and 83 percent of say they are happy with their decision to own a home.
Four out of five homeowners (80 percent) say they would advise a friend or family member to buy a home while slightly fewer (78 percent) of underwater homeowners would do the same. Only 19 percent of homeowners under water believe homeownership is too risky.
information from CRS “Member Connect” on-line newsletter
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
Nearly three out of four renters (72 percent) say owning a home is a top priority for their future, up from 63 percent a year ago, according to the 2011 National Housing Pulse Survey from the NATIONAL ASSOCIATION OF REALTORS®. But more than three-fourths of renters say they would be less likely to buy a home if they were required to put 20 percent down, and 71 percent believe a 20 percent down payment requirement could have a negative impact on the housing market.
