A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home. That means that nearly 2/3 of people survey still feel owning a home is a good bet.
According to the chief economist at Fannie Mae, Doug Duncan, “Consumers are still committed to owning a home, but are showing increased cautiousness.” People are rethinking and adopting a more realistic approach. They are not willing to take on big risks. Flipping is becoming a thing of the past.
More than 30%-40% felt personal safety and the quality of schools to be most important in their home search. Other results from the telephone survey of 3,451 people over the age of 18 were:
65% felt there is still value in owning a home 66% believe NOW is a good time to buy a home 70% believe home ownership is the safest investment 15% felt is was acceptable to stop making payment is they are financially distressed or “underwater”
People still want to own a home and many are still in a financial position to purchase. There are so many good home values available today and with interest rates still under 6% it is really a great time to be a buyer.
If you are looking to purchase a home in Northern Illinois visit our website at www.NorthernIllinoisHomes.com and sign up for our Free MLS Search Program.
If you are looking to purchase a Short Sale or Foreclosure property visit our website at www.NorthernillinoisBankowned.com and sign up for our Free Short Sale Search Program.
Comments(2)