A recent nationwide survey revealed that consumers are seeing opportunity in todays housing market. As I have noted many times in my blogs, all real estate is local. So I invite you to read the survey results and then let me know what you see.
A survey of 1,006 adults nationwide, between the ages of 25 to 72 with minimum household incomes of $40,000, was conducted by MarketTools on behalf of Beazer Homes last month.
Acording to the survey, even in the face of skepticism over the nation's economy, more consumers are seeing opportunity in today's housing market. Recognizing that the current market favors buyers, 77 percent of respondents said that with good credit and a down payment, the time is right to buy a home, a 20 percent upswing from a similar January survey.
Nearly three of four surveyed (74 percent) agreed that the availability of homes for sale combined with special incentives make this a true "buyer's market." The respondents also appear poised for action. Sixteen percent of survey respondents reported that they plan to purchase a new home as their primary residence in the next 12 months - a 45 percent increase over the January survey results. And 28 percent or survey respondents reported that they are currently saving for a down payment.
The survey results also revealed that when it comes to purchasing their next home, buyers who have purchased one or more homes in the past are looking for a better location (28 percent), a bigger home (25 percent) and more modern features (18 percent). First-time home buyers rank the need for a bigger home (28 percent), investment potential (27 percent) and the desire for a better location (23 percent) as their primary motivations for their first home purchase. (Notice price was not on of their primary motivators)
Do you agree with the consumers who responded to the national survey?
Is the time right to buy a home?
Do you plan to purchase a new home as your primary residence in the next 12 months?
If not, why?
If so, what are you primary motivators for purchasing a new home?
What actions are you currently taking, i.e. saving for a down payment, researching communities and builders, visiting model homes, researching available mortgages?
I'd like to know.
Chuck Miller GMB CGB MIRM CMP MCSP CSP
President / Builder – Chuck Miller Construction Inc. (208) 229-2553