Fannie Mae reported last week on some research they were doing. Of the owners and renters surved, 51 percent say that the housing crisis has not affected their overall willingness to buy a home. 27 percent say they are more likely to buy since the crisis has lowered prices and interest rates. Only 19 percent say they are more likely to rent.
The numbers on renters went up slightly. There is a 3 percent rise in people who are renting saying that are more likely to rent again. So 59 percent say they will continue to rent and this is up from 54 percent. These numbers are significant in showing that the rent or buy discussion rages on. There is no doubt to any professional real estate person that this is a great time to buy. I am not surprised that the public is still a bit leary. With all this turmoil it will take a while for the general public to realize what we professionals know. Now is a great time to buy a house.
66 percent of the respondants to the Fannie Mae questionaire believe that owning a home is as safe as an IRA or 401K program. While this number is two thirds of all people it seems like a low number to me and where we as professionals must speak up. There is no other better investment in your community and for your future than buying right now, in my opinion. 86 persent identify tax benefits as a great reason to buy. How about if we share these statistics with our clients and prospects.