Lots of Real Estate Looky-Loos
Trulia conducts a biannual survey to see if the “American Dream” of home ownership being alive and well. While everybody knows the state of the housing market these past few years, it’s interesting to see their most recent findings, especially in the middle of such a tanked economy. Their most current survey revealed some interesting findings. This survey was done second quarter of this year; had over 2000 participants over the age 18, some surveyed were renters, and some own homes.
Conclusions indicated that in spite of the rotten housing market and economy, 3 out of 4 homeowners surveyed, said that they think that their home is the best investment they ever made. On the other hand, 20% of homeowners felt “trapped” in their underwater homes and 14% said they would walk away from their homes “in a heartbeat” if they were able to. The survey says that 70% of those surveyed still see home ownership as part of their individual American dream.
In the demographic of 18-34-year-olds, 88% of those renting, aspire to own a home. This stat is important in that the younger potential buyers have such a positive point of view and this group could really influence our future real estate and housing markets growth in the coming years. These potential buyers could stabilize the housing market.
The brightest sparks of recovery are in the South, West regions, where 79%, and 70% of renters in these respective regions, plan to get into real estate and buy their own home. With interest rates at lowest rates in over 50 years, home ownership is more viable, particularly when planning to live in it long-term. Once the market steadies out, long-term ownership really pays off for buyers who are able to qualify and have 20% down payment. The low-interest rates also enable homeowners with good credit a great opportunity to refinance at record lows and make housing even more affordable.
Future buyers are watching, that’s for sure. Trulia says that site traffic is up 70% in year-over-year growth and that there are 100,000 property views per minute! While the market recovers, lots of optimists are out there waiting to buy the home of their American Dream.