Jul
22

Housing Demand Grows as Buyers Struggle to Overcome Obstacles

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Despite obstacles to home buying in today’s market, the underlying demand for homeownership remains healthy and a significant share of households say they expect to purchase a home, according to a new survey conducted by Harris Interactive for Move, Inc.

Nearly half (41%) of the current home owners who were surveyed said they did plan to purchase a home again, and 80% of all renters indicated that they expected to eventually become home owners. Forty-seven percent of the renters participating in the poll indicated that they planned to purchase a home within the next five years.

For the most part, people who are planning to move won’t be doing so for financial reasons, including a rent increase (2%) or to get out from under an expensive mortgage (less than 0.5%). Instead, they are far more likely to expect to be moving to obtain more living space (26%) and for changes related to life stages (17%), such as having children, the survey found.

Most prospective home buyers (78%) reported that they would be willing to make sacrifices to save and earn extra income for downpayments and will compromise on neighborhood features and residential amenities in order to buy a home in the current market. Many of their choices reflect changing values shaped by factors that include a growing concern over the environment, the importance of community features and the rising cost of fuel.

According to the results of the online poll, which were released on July 15, 81% of home buyers indicated that they remained nervous about the current housing market and cited significant barriers to homeownership

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.nbnnews.com/NBN/issues/2008-07-21/Economics+&+Finance/3.html
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