Real Estate Market Expected to Improve with New President
New Survey Shows Demand Growing as Buyers Struggle to Overcome Barriers
LOS ANGELES–(BUSINESS WIRE)–
Nearly half of all home buyers1 (44%) believe the housing market will improve once the new President takes office in January, 2009, according to a new survey released today conducted by Harris Interactive® and commissioned by Move, Inc.
Forty-eight percent of women and 41 percent of men who plan to buy a home in the current market said they think the housing market will get better once the new President is in office.
At the same time, 81% of home buyers are still nervous about the current housing market and report the existence of barriers between them and home ownership. Today’s home buyers perceive the cost of a down payment (28%), their annual income level (20%), lack of confidence in the economy (26%) and high home prices (31%), especially in the Western states (39%) as barriers to buying a home.
Despite these reservations, the survey indicates underlying demand for homeownership is healthy. While nearly half (41%) of current homeowners do plan to purchase a home again, 80% of all renters plan to purchase a home someday with 47% planning to purchase a home within the next five years. More people who plan to move will do so for space-related (26%) and life-stage change reasons (17%), such as having children (2%) or downsizing to a smaller residence (9%), not financial ones including an increase in rent (2%) or an expensive mortgage (less than 1/2%).