The recent survey by move.com revealed some interesting results about how Americans view what's happening in housing. As noted in a previous blog, Survey Says: Only 1 in 20 Respondents Say They Will Buy Next Year, at a time when the unemployment rate is over 10% nationwide, potential home buyers are concerned about the economy.
•· 48% felt the government wasn't doing enough to help troubled homeowners avoid foreclosure, while 42% thought there was enough government action
•· 45% worry that they or someone they know will face foreclosure in the next year.
•· 38% had contacted their lender within the past year to reduce their payments.
•· 25% of those who refinanced used the freed-up money for living expenses or debt reduction
•· 9% are putting the savings towards investments or retirement
The survey group was comprised of 2/3 homeowners and 1/3 renters. Will the credit be enough to stir up the market and encourage people to by their first home or their move-up home? The new housing credit will undoubtedly awaken interest in some potential buyers who were not qualified to use the last credit.
Many people like to consider themselves real estate consultants these days. Our job as agents is to help good candidates look past economic news and buy affordable homes if it makes sense. The next few months, we can expect to be busy with sales that close and with consultants with clients who need an assessment of their readiness, and if they're ready - a tiny push.
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