Daily Real Estate News | April 13, 2010 | Share Interest in Owning a Home Remains Strong
Interest in purchasing a home as an investment has more than tripled in the last year, according to a survey released today by Move Inc., which operates Move.com and REALTOR.com.
More than 17 percent of potential home buyers say they plan to purchase a home in the near future as an investment, compared to just 5.6 percent in March 2009, the survey found.
Owning a residence in remains a goal for many more potential buyers:
· 21 percent of consumers report they plan to purchase a home in the next 12 months to five years.
· 7.9 percent plan to purchase in the next two years.
· 49 percent of all home owners would buy another home today if they could sell the one they currently own for what they paid for it.
Of those planning to purchase a home in the near future, 50.7 percent are first-time buyers. About 55 percent of potential first-time buyers are men.
While access to financing is important, many buyers plan to use cash to make real estate purchase:
· 12.3 percent of Americans planning to purchase investment property in the near future say they will pay for the property using 100 percent cash.
· 12.8 percent will use cash for more than 50 percent of the purchase price and finance the rest.
· 49.2 percent say they will buy the property with less than 50 percent cash down and finance the remainder.
Source: Move Inc. (04/13/2010)
Copyright National Association of REALTORS®. Reprinted with permission.