When asked about their highest priority for their future, the majority of renters say home ownership is top. In a survey from the 2013 National Housing Pulse from the National Association of Realtors (NAR) more renters say they want to buy soon. 51% of renters reported wanting to eventually own their own home. The last survey taken in 2011 was 42%
“Home ownership matters to Americans who consistently realize the many benefits it provides to communities, families, and the nation’s economy,” says NAR President Gary Thomas. “Due to high housing affordability and today’s interest rates it makes sense for people to consider home ownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”
The survey of 2,000 Americans found that 80 percent say they believe buying a home is a good financial decision. Sixty-eight percent said now is a good time to buy a home, too. Their main motivations to home ownership: Building equity, wanting a stable and safe environment, and the freedom to choose where to live, the survey found.
Coral Springs is a great example of how more homes are selling, Year to date 606 single family homes have closed in Coral Springs, with another 396 pending.
Meanwhile, the main obstacles to home ownership have remained the same over the years: saving for the down payment, closing costs, low wages, and student loan debt.
Working with a great team of Realtors such as The PetasneReal Estate Team and using the many great lenders they recommend will help many buyers obtain the home loans they need to purchase their real estate investment.
Source: National Association of REALTORS(R)