As I have written previously, one of the main reasons people have not purchased a home is simply because they cannot find one that meets their needs. Why? Because there aren’t enough homes for sale to meet the demand. However, that’s not the only factor at work…
Market Favorable to Buy
A survey released by Integra Realty Resources reported reports that, while 85 percent of potential buyers believe that market conditions are favorable for purchasing a home, unemployment and job instability make many respondents reluctant or unable to buy a home.
In addition, many households simply don’t have enough for a down payment, and until households gain more in terms of finances or confidence in the economy, fears of homeownership won’t be put aside.
- 31 percent of respondents said a lack of a down payment was the main reason holding them back from making a purchase,
- 24 percent said it was the fear of making a bad investment, and
- 21 percent said the uncertainty of the economy was the main reason.
The American dream of homeownership lives on
More than three-quarters (76 percent) of those planning to buy a home who are age 30 or older cited “I have always dreamed of owning my own home” as their reason to buy. While that enthusiasm may be shared by some non-buyers, for many the ability to act on it remains out of reach.
