According to the National Association of Realtors’ housing opportunity pulse survey, nearly eight out of ten respondents believe buying a home is a good financial decision, despite the ongoing challenges with the housing market and economy. The survey also found that job security concerns were the highest in eight years. Roughly 70% of Americans are saying job layoffs and unemployment are big problems in their area. The intent of the survey is to measure how affordable housing issues affect consumers.
Here are some other key results from the survey:
- More than 2/3 of the respondents say that now is a good time to buy a home.
- Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
- Respondents see the recession and job losses as the main reasons for the foreclosure problem (this is a shift from last year when they were more likely to blame homeowners who bought properties they could not afford).
- Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
- 70% expect real estate sales in their neighborhood to remain about the same in the next few months. 69% expect home values (in general) to remain the same.
- 23% are now very concerned about the number of homes and condos for sale in their area (up 7 points form last year).
- Respondents are more concerned about the drop in home values than they are about home costs being too high. However, cost remains a significant barrier to many who would otherwise like to buy a home.
- 51% say foreclosures remain a big or moderate problem in their area. 51% say the rate of foreclosures is the same as last year.
- 63% of renters ranking buying a home in the future as a moderate or high priority.
Looking at these results, it seems that most consumers have a good feel for market conditions.