More than 80 percent of first-time home buyers believe now is a good time to buy a home, according to a new survey from Realogy and parent company Century 21 Real Estate.
Which begs the question: why do only 80 percent of those buying a home think it’s a good idea? Are 20 percent buying homes even though they’re uncertain about the decision?
Well, in reality, the survey takes responses from those who purchased a home in the past year, so perhaps 20 percent feel they made a bad decision.
First-time home buyers said the three most influential factors behind their decision to enter the market were current housing prices (66%), the homebuyer tax credit (63%), and low interest rates (60%).
Home Price within Budget in a Good Neighborhood
Most important to first-time home buyers is a home priced within their budget, followed by a neighborhood’s safety.
And roughly half of first-time buyers believe home prices will rise over the next year, which leaves me feeling not all that confident.
The top two factors motivating current homeowners to sell are personal/family reasons and current housing prices.
I’m assuming the personal reasons are personal problems, like negative equity and unemployment, to name but two.
It’s still very much a buyer’s market, so take your time to find something you like at the right price!
Keep in mind that this survey was conducted by real estate agents, whose sole motivation is to sell homes.