Eight in 10 Americans Say Owning Is a Good Financial Decision

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This goes hand in hand with an improving housing market. As prices go up so does owner optimism. Please read the article below and let me know what you think.

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Americans hold a more positive view of the housing market, while an increasing share of renters plan to own, according to the 2013 National Housing Pulse Survey from the National Association of Realtors (NAR).

Of those surveyed, 80 percent said they believe buying a home is a good financial decision, up by 8 points from 2011.

Over the last two years, the market has also seen an increase in renters who are interested in owning.

In the recent survey, 36 percent of renters said they are thinking about buying, up from 25 percent in 2011, while 51 percent of renters also said that owning in the future is one of their highest personal priorities. Overall, 79 percent of renters said owning is a priority in general.

Meanwhile, the percentage of those who say they prefer to rent over buying dropped 6 points since 2011 to 25 percent.

Americans also perceive their market as being stronger, with 38 percent stating they believe activity in their local market has increased in the past year, up sharply from 11 percent in 2011.
Another 49 percent believe prices in their neighborhood are more expensive than they were a year ago.

This view was especially strong in the West, with 62 percent of respondent in the Pacific West stating this and 60 percent in the Mountain West region.

Not only are attitudes toward housing improving, but Americans are also less concerned when it comes to job security.

The share of respondents who expressed concern over job layoffs and unemployment decreased from 61 percent in 2011 to 48 percent in the most recent survey.

Concern over home foreclosures eased as well. In 2013, 29 percent said foreclosures are a “very” or “fairly” big problem, down from 47 percent in 2011.

However, Americans did express concern over the direction of nation, with 58 percent stating the country is on the wrong track, barely changed from 57 percent two years ago. According to the survey, the numbers were influenced by partisanship, with 84 percent of Republicans holding the view compared to 36 percent of Democrats.

Nearly two thirds (64 percent) of respondents also shared concerns over the high prices for homes and rent, little changed from 62 percent in 2011.

Also, 69 percent said they are concerned about people in their area falling behind on their
mortgages.

Despite the increase in prices the housing market has recently witnessed, respondents were completely invulnerable.

More than half (58 percent) of said they are very or somewhat concerned about the drop in overall home values, though the concern has decreased from 70 percent in 2011.
Also, 44 percent of homeowners said they do not think they could sell their house for what they paid for it.

The survey was conducted by American Strategies and Myers Research & Strategic Services.

To see the original article – please use the link below.

Owning Is a Good Financial Decision

Explore posts in the same categories: Real Estate Market Trends

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