According to the Associated Press yesterday, citing a Move.com survey, despite today's challenging economy, 5% of Americans plan to buy a home next year. Nearly 10% plan to buy within the next 2 years! The survey goes on to say that of those planning to purchase, nearly half are first time home buyers 34 years old or younger.
After three years of staggering price declines, Americans are finally getting the wake-up call that the fragile housing recovery is on its way. The number 1 reason for purchasing is the belief the market has bottomed out and the second is a fear of rising interest rates. "This latest Homeownership Survey validates what many had hoped to see in the housing markets -- affordable prices and ample inventories are restoring the appeal of real estate to investors while providing opportunities for first time home buyers to enter the market," said Move, Inc. Chief Revenue Officer, Errol Samuelson. "In today's environment, regardless of whether you're an investor or interested in purchasing a home to live in yourself, residential real estate is a more attractive investment today for many than is has been in recent years."
Home prices have rebounded this past summer at an annualized rate of almost 7%, according to Standard & Poor's/Case Shiller home price index. Low prices and foreclosure bargains have been the primary motivating factors.
We have found a great way to help with buyers seeking to purchase in the Tampa Bay area... through our Home Buyer Program. It is so simple and lets a potential buyer program in the specifics they are looking for in their purchase. We can enter that data directly into the realtor site of the multiple listing service to determine current matches. What really works is after that. Now any price reduction or new property that fits your criteria is automatically emailed to you. This has been a great tool for many of our clients!
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