Nearly half of all home buyers (44%) believe the housing market will improve once the new President takes office in January, 2009, according to a new survey recently released conducted by Harris Interactive® and commissioned by Move, Inc., operator of Realtor.com®.
At the same time, home buyers are still nervous about the current housing market and report the existence of barriers between them and homeownership. 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%).
“These findings show that despite the difficulties home buyers face in the wake of the subprime crisis and their concerns about economic uncertainty, underlying demand appears relatively strong.” said Lorna Borenstein, president of Move, Inc.
Source: RISMedia.com
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