Why a majority of Americans think now is a good time to buy a home
Of 1,000 participating homeowners and 1,000 renters, 56% or six in 10 Americans think “now” is a great time to buy a home, according to OnePoll on behalf of mortgage lender Lower.
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To hell with inflation and historically high mortgage rates – a majority of Americans think now is the perfect time to buy a home, according to a new poll.
Of 1,000 participating homeowners and 1,000 renters, 56%, or six in 10 Americans, think “now” is the perfect time to buy a home, according to the poll conducted by OnePoll on behalf of mortgage lender Lower.
“Owners have raised tens of thousands in capital over the past few years,” Lower co-founder and CEO Dan Snyder said in the report. “It’s the money tenants have left on the table. A lot of people are waiting for prices to cool down, but the reality is they’ll just slow down from their all-time high. Now is the time to buy. before appreciation continues to climb.
Of those 56%, 47% say they plan to buy a home within the next year, with 74% saying this would be their first time buying a home. And 55% reveal that worsening inflation has made them more eager to buy a home now before conditions worsen.
Additionally, 51% of respondents said they view home ownership as an investment opportunity, while 50% said they want to become homeowners before rates rise even further.
Others have their eyes on the future, with 42% saying they want to live comfortably in retirement and 41% saying they want more space for their growing families. Additionally, 41% said they were bored with their current living situation.
Despite the drumbeat of headlines detailing the cooling of the ‘housing boom’ – 45% of respondents expressed belief that the market is heating up, 30% say they are optimistic that the housing market will change for the better next year, while 43% said they viewed the market as “very” concerning, with 24% expecting it to change for the worse.
A third think the market will stay the same while only 10% think the boom is slowing down, according to the survey.
As rents soar across the country, 56% of tenants surveyed said they wanted to move but couldn’t afford it.
Renting has also become more expensive, with 27% of renters surveyed saying they pay between $2,001 and $3,000 in monthly rent and 16% saying they pay between $3,001 and $4,000.
Both renters and homeowners expressed the needs they hoped homeownership could meet for them, with 40% hoping homeownership could provide them with stability, 38% wanting to live comfortably during the retirement and 35% wanting a place to gain financial freedom.
For homebuyers who can afford it, the market has shown signs of optimism lately, with half of the home listings made on Redfin now facing no competition and buyers facing less competition in all because of the sharp rise in costs.
“It may sound intimidating, but it doesn’t have to be,” Snyder said. “Find a real estate agent and lender that values the customer experience by creating a certain and simple process. They will help you along the way and your biggest concern will be finding the perfect home.
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