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Renters Are Ready To Buy, They Just Might Not Know It
The National Association of Realtors recently conducted a survey of renters who are 34 years of age or younger. Nearly all of those questioned say they want to own a home in the future. The NAR titled the survey Housing Opportunities and Market Experience – you read that right: HOME (points to their marketing department) – and it was designed to track topical real estate trends by asking consumers about two major topics: (1) whether or not it’s a good time to buy or sell a home, and (2) what are their expectations and experiences in the market. “Despite entering the workforce during or immediately after the worst of the financial and housing crisis, the desire to become a homeowner appears to be a personal goal for a convincing majority of young renters,” says NAR Chief Economist Lawrence Yun. The market conditions, according to Mr. Yun, are creating a “sizeable, pent-up demand for buying.” According to the same survey, over half of renters who earn $50,000 or more annually have not tried but feel confident that they could succeed in obtaining a mortgage. The thing is, it is free to get pre-approved with a local lender. It should be done as ... more
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