Sidelined Homebuyers Are Preparing to Enter the Market Reports Survey

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Real Estate Agent with Palatium Auction and Appraisal Service, Real Estate Auctions, Estate, Moving, Downsizing Auctions 618-233-1000 USPAP Appraisals proesch@ptauctions.net

According to a new survey by Relocation.com, more Americans are positioning themselves to purchase a home in the near future.

The survey found that some families are opting to rent while they research for deals to purchase a more desirable home in their area. There’s no surefire way to determine when these sidelined homebuyers will enter the market, but the survey results were encouraging.

Of the 60 percent of individuals moving into rentals, 24 percent were previous homeowners renting temporarily while they look for a new home to purchase. Underscoring this finding is that for many of these families, foreclosure was not the reason for moving. In fact, the number of consumers who moved due to foreclosure dropped by 70 percent compared to Relocation.com’s February 2010 survey.

“While the housing market continues to flux from month to month, we’re seeing strong, continued interest as consumers looking to move start their research with us,” said Sharon Ashser, chairman and founder of New York-based Relocation.com. “These findings suggest that more Americans may be poised to re-enter the housing market this year.”

While it seems that financial and economic issues still continue to exert an effect on U.S. moving behaviors, the survey found signs that the worst of the recession crisis may be over. In the February 2010 survey, 18 percent of respondents indicated that they moved to a new location with a lower cost of living and/or cheaper rent, but this percentage dropped to 7 percent in June. Furthermore, only 4 percent of the consumers in June moved due to a job loss, a drastic drop from the 13 percent who moved for that reason in February.

When it comes to homeownership, the survey found that 18 percent of movers tracked in the June survey were homeowners who moved and purchased a new home, up from 12 percent in February. And an additional 12 percent were former renters who moved to purchase a home. The June survey also found that 4 percent of movers were able to purchase a home for the first time due to the decline in home prices, and another 10 percent moved to a bigger, better home or a better neighborhood.

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Paul
Paul Roesch
Realtor, Auctioneer, CAI, AARE, CES, GPPA, ATS
Marketing Director 
Certified Distressed Property Expert, CDPE
618-407-8479 cell
proesch@ptauctions.net

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Re-Blogged 1 time:

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  1. Michael Lissack 07/19/2010 04:16 AM
Topic:
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Tags:
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Rainer
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James A. Browning
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Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado

Please, check out our website for Real Estate Education Opportunities @ www.REOInstituteColorado.com for Continuing Education Courses.

Jul 02, 2012 02:15 AM #2
Rainmaker
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You shared really good information, as I am doing more preapproval over the last 6 weeks compared to the previous 12 weeks.

Thank you for commenting on my post.

Jul 27, 2014 08:32 AM #3
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