If you want to purchase a home, you’re not alone. The National Association of Realtors (NAR) recently released its 11th annual Housing Opportunity Pulse Survey which questioned Americans from across the nation on their attitudes towards homeownership. According to the survey, 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. It also found that a majority of Americans think that now is a good time to buy a home.
The latest statistics certainly support the study results. According to NAR, existing–home sales rebounded strongly in September and have now increased year–over–year for 12 consecutive months.
The number of renters who are now thinking about purchasing a home has also increased since the last survey, up from 36 percent to 39 percent. Sixty-one percent of renters stated that owning a home is a priority. That isn’t surprising considering that the Associated Press reported last month that rents are still climbing at a faster pace than average earnings and rental housing costs have been rising nationwide at roughly double wage growth. The result is an affordability crunch for renters.
For those in a position to buy now, it is still a prime opportunity. Interest rates are still historically low, and home sellers also tend to be more motivated this time of year and more willing to negotiate. Additionally, buyers don’t have as much immediate competition. NAR’s survey respondents agreed, with 68 percent of respondents saying that now is a good time to buy a home.
If you are currently in the market to purchase a home, look to the specific trends taking place in your market area by viewing the chart here. Feel free to contact a Coldwell Banker Residential Brokerage affiliated sales professional who can provide you with a detailed analysis of the data, and show you properties in the areas you desire. In addition, a sales professional can suggest a mortgage advisor and can lead you through the entire process of purchasing your American dream.