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A vast majority of Americans believe that buying a home is a solidfinancial decision, and most believe they could sell their home for at leastits initial purchase price, according to a new survey from the NationalAssociation of Realtors (NAR) in the 2015 National Housing PulseSurvey. The Survey also found that a preponderance of Americans think that nowis a good to buy a home. The Survey, which measures consumers’ attitudesand concerns about housing issues in the nation’s 50 largest metropolitanstatistical areas, found that more than eight in 10 Americans believe thatpurchasing a home is a good financial decision, and 68 percent believe that nowis a good time to buy a home. Seventy-one percent believe they could sell theirhouse for what they paid for it, a jump of 16 percentage points from 2013. Whenasked for reasons about why homeownership matters to them, respondents’ answersdid not change significantly from past years. Building equity, wanting a stableand safe environment, and having the freedom to choose their neighborhoodremain the top three reasons to own a home. The number of renters who arenow thinking about purchasing a home has increased since the last survey in2013, up from 36 percent to 39 percent. Sixty-one percent of renters statedthat owning a home is a priority for their future. Source: NAR
Lawrence Yun, chief economist for the National Association of Realtors,believes home construction will, in the next two years, finally return tonormal levels for the first time since the recession. “The principal reason forthe inventory shortage is the cumulative impact of homebuilders not being inthe market for well over five years,” Yun wrote in his most recent economicupdate. “Homebuilders typically put up 1.5 million new homes annually.” Andwith each year trending higher, Yun believes 2017 may be the year constructionlevels finally return to normal. “Builders will construct more homes. By1.1 million in 2015 and 1.4 million in 2016,” Yun wrote. “New home sales willfollow this trend. This rising trend will steadily relieve housingshortage.” And while home building in general is expected to return tohistorical norms in the next 24 months, Yun says construction for apartmentshas returned to normal levels.Source:Mortgage Professional America
Thehousing market is ignoring the largest pool of prospects: Boomerang buyers,according to Daren Blomquist, vice president of RealtyTrac. Boomerang buyersare former home owners who lost their home to a foreclosure or short sale.After sitting out of the market for several years to rebuild their credit,these buyers may be inching back to the market looking for a second chance athome ownership. There are an estimated 7.3 million potential boomerang buyers,Blomquist says. "If we magically had 7.3 million more home owners, thehome owner rate would be back to historic norms," he notes. Boomerangbuyers mostly consist of Generation Xers and Baby Boomers. "They are theones who are likely to come back and become home owners again than themillennials," Blomquist says. In a report earlier thisyear, RealtyTrac noted that Generation X and Baby Boomer "boomerangbuyers" could "represent a massive wave of potential pent-up demandthat could shape the housing market in the short term even moredramatically" than the millennials' entrance into home ownership."The markets most likely to see the boomerang buyers materialize are thosewhere there are a high percentage of housing units lost to foreclosure butwhere current home prices are still affordable for median income earners andwhere the population of Gen Xers and Baby Boomers … have held steady orincreased during the Great Recession," RealtyTrac notes in its report. Source: RealtyTra
I was a domestic paralegal for 8 years prior to Real Estate. Since I have been in Real Estate I have grown to love this business, even though it does have it's challenges; it is very exciting. There i....
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