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Idaho Home Buyers Still Believe Buying a Home Is a Good Financial Decision
A recent survey by the National Association of Realtors reveals that nearly 8 out of 10 people strongly believe buying a home is still a good financial decision, despite ongoing challenges in the economy and housing markets. The survey which measured how affordable housing issues affect consumers also found job security concerns to be the highest they’ve been in 8 years of sampling, with some 70% of Americans saying that job layoffs and unemployment are the biggest problems in their area. 8 in 10 say these issues are a barrier to home ownership.
Some key results:
* Americans continue to believe that buying a home is a good financial decision
* More than 68% of respondents say that now is a good time to buy a home.
* The majority of renters say that owning a home at some point in the future is one of their highest priorities
* Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
* Respondents to the survey see the recession and job losses as the main reasons for the foreclosure problem, which is a change from last year when they more likely to blame homeowners who bought homes they could not afford.
* Frustration with banks is up: now a majority worry that banks have made it too hard to qualify for a home mortgage loan.
* 51% of those surveyed say foreclosures remain a big or moderate problem in their area.
* Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
* Over 70% expect real estate sales in their neighborhood to remain about the same over the next few months.
* 69% expect home values to remain the same. Demonstrating faith in level home values.
* Nearly 25% find themselves very concerned about the number of homes and condos for sale in their area.
* Most respondents are more concerned about a drop in home values rather than home costs being too high.
The next few months will be a big deciding factor on how steady these opinions remain, with Federal plans and regulations going into effect, as well as how major banks are looking into the way they handle the current foreclosure market issues in relation to their loan procedures.
Regardless, with many cities in Idaho gaining national recognition for their great quality of living and with Boise area home prices as well as mortgage rates continuing to be at historic low levels for those willing to take the leap there is a huge potential not only for finding great homes at great prices, but also for seeing significant returns for their real estate investment once the market bounces back.
Are you looking for homes in Boise? Tired of scanning endless ads for just the right home for you? Use my Boise real estate website to find the best homes in Boise online quickly and easily! You can search the local MLS for homes by city, price, or features and can even use my Dreamhome search to enter criteria for homes you are interested in and receive those listings in your email inbox every day as they hit the market. It has never been easier to find Idaho homes online!
