Renters Grow More Optimistic About
Home Buying ... "Here Comes the Sun"
I just thought this song perfectly set the tone for my post's message today. Always a favorite song (and performer) of mine too.
I feel, what better than the line ... "it's been a long, cold, lonely winter", to correctly describe exactly what the housing market has been suffering through these last few years??
But the timely, good news now being reported more and more often is this: Many housing markets across the U.S. are seeing signs of improvement. And that positive message is conveyed perfectly within this song, as well. "Here Comes the Sun" ... better times are possibly ahead ...
A recent survey released via PulteGroup, proves that a large percentage of Americans still hope to join the ranks of those that call themselves ... "home owner". And they hope to do it sooner than later.
What does this Pulte Group/Russell Research survey's statistics tell us? In part, that:
- 60% of renters who say they WANT to buy a home in the future, have increased their intent to buy compared to tho percentage of those reporting that intent a year ago.
- 61% of the above-group now say they plan to purchase their home within the coming two years.
The biggest hurdle to home ownership? Results of this survey shows that it remains the down payment. 54% of those hoping to buy say they don't have the money saved for a down payment on a home.
This last stat proves a bit worrisome to me .. and somewhat frustrating too. I believe that many hoping to buy still stubbornly cling to the belief that they need a larger down payment than necessary, perhaps even a full 20% down.
Getting the message across, that there ARE mortgage financing programs available that allow for smaller down payments has not proven to be easy for mortgage lenders or real estate professionals.
But it IS true ... and depending on the location where a potential buyer is hoping to purchase, local options may also exist beyond the more nationally well-known mortgage products.
USDA-RD (rural development financing) is also an often-overlooked mortgage option, but one that can greatly figure into a buyer's buying options if the property is located within a region covered by this program. USDA-RD offers very attractive features to those capable of utilizing it.
IMO, the best bet always remains ... if you aren't sure what options for home buying exist ... if you don't know what YOUR personal options are ...talk to an experienced, professional mortgage lender. Get the facts!
But the recent PulteGroup survey proves ... optimism is once again growing about the future and buying homes across our nation.
I say, "Here Comes the Sun"!
* Discover what home buying options exist for you! Contact me today. We'll get you started on your way to becoming a home owner.
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