Home Buyers are Optimistic About Home Ownership!
When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and insights, and we read reviews online. There’s no difference when considering a home purchase!
Most homebuyers start by listening to the news to hear what is being said about the real estate market. They check with family and friends about their experience. They spend time online reading reviews about their desired neighborhood.
The challenge is that comments from the news and those closest to us can contradict the data and reports. One source says one thing, while another source says something completely different.
“Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years, but that hasn’t stopped them from trying to close on a home…Despite the fact that they foresee an economic downturn, they generally expressed confidence that a future recession will be better than 2008 for the housing market.”
The report provides more insights from the survey:
- Nearly 30% of the active home shoppers* surveyed expect the next recession to begin sometime in 2020.
- 56% of shoppers believe home prices have hit their peak.
- 41% believe housing will fare better than 2008.
- 45% of home shoppers feel at least slightly more optimistic about homeownership.
- 33% reported no impact on their feelings about homeownership.
Homebuyers are aware and making decisions with their eyes wide-open. As the report mentioned,
“The fact that some [36%] home shoppers expect the next recession to be harder on the housing market than the last recession suggests that they are buying homes with eyes wide-open and very sober, if not slightly pessimistic, views of the housing market.
This is a stark contrast to the years leading up to the last recession when ‘irrational exuberance’ was more common and yet another reason to expect that the next downturn will be very different for the housing market than the last.”
If you are considering buying a home, let’s get together to help you understand our local market and determine if buying a home is the right choice for you now.
*Active home shoppers are those consumers who responded that they plan to purchase their next home in 1 year or less.
To view original article, visit Keeping Current Matters.
For the sixth year in a row, real estate has come out on top as the best long-term investment! Are you ready to invest in your future?
Check out the latest sale from the Cindy and Mary!
Let them help you with your next move!
Check out the latest sale from the Monzeglio Team!
Take a look at their other properties and let the team help you with your next move!
If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will! Call us today!
Starting to look for your dream home? Here are 5 great tips! Still need help? Call our office today and we’ll be happy to help.
The top 5 days to list your home brought in a 10% premium over market value and are all in either May or June! #brookhamptonrealty #timetosell #keepingcurrentmatters