Home Buyers are Optimistic About Homeownership!
When we consider buying an item, we naturally go through a research process prior to making our decision. We ask our friends and family members who have made similar purchases about their experience, we get opinions and insights, and we read reviews online. There’s no difference when considering a home purchase!
Most homebuyers start by listening to the news to hear what is being said about the real estate market. They check with family and friends about their experience. They spend time online reading reviews about their desired neighborhood.
The challenge is that comments from the news and those closest to us can contradict the data and reports. One source says one thing, while another source says something completely different.
There is a group of homebuyers that are not allowing comments about an upcoming recession to interfere with their decision to buy a home. According to a survey by realtor.com®,
“Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years, but that hasn’t stopped them from trying to close on a home…Despite the fact that they foresee an economic downturn, they generally expressed confidence that a future recession will be better than 2008 for the housing market.”
The report provides more insights from the survey:
- Nearly 30% of the active home shoppers* surveyed expect the next recession to begin sometime in 2020.
- 56% of shoppers believe home prices have hit their peak.
- 41% believe housing will fare better than 2008.
- 45% of home shoppers feel at least slightly more optimistic about homeownership.
- 33% reported no impact on their feelings about homeownership.
Homebuyers are aware and making decisions with their eyes wide-open. As the report mentioned,
“The fact that some [36%] home shoppers expect the next recession to be harder on the housing market than the last recession suggests that they are buying homes with eyes wide-open and very sober, if not slightly pessimistic, views of the housing market.
This is a stark contrast to the years leading up to the last recession when ‘irrational exuberance’ was more common and yet another reason to expect that the next downturn will be very different for the housing market than the last.”
Bottom Line
If you are considering buying a home, let’s get together to help you understand our local market and determine if buying a home is the right choice for you now.
*Active home shoppers are those consumers who responded that they plan to purchase their next home in 1 year or less.
What’s in store for the Housing Market for the rest of 2023, and beyond?
What’s in store for the Housing Market for the rest of 2023, and beyond? According to industry experts, the housing market is expected to remain strong in the coming years, with steady demand and limited supply driving up prices. This trend is likely to continue into...
Ways To Overcome Affordability Challenges in Today’s Housing Market
Ways To Overcome Affordability Challenges in Today’s Housing Market Some Highlights With so few homes on the market right now, widening the scope of your search to include nearby areas could help you find more options in your budget. You can also work with a trusted...
Why Today’s Foreclosure Numbers Are Nothing Like 2008
Why Today's Foreclosure Numbers Are Nothing Like 2008 You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they...
Market Update for Real Estate in Salt Lake County 2023
Market Update for real estate in Salt Lake County 2023 As we approach 2023, the real estate market in Salt Lake County is showing no signs of slowing down. In fact, experts predict that the market will continue to be strong, with steady growth in both home prices...
Why You May Want an Energy-Efficient Home
Why You May Want an Energy-Efficient Home Some Highlights Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home. Energy prices have increased over the last year, so look for energy-efficient features in...
Why Use A Senior Real Estate Specialist?
Why Use A Senior Real Estate Specialist As we age, our housing needs change. Whether you're looking to downsize, move closer to family, or find a home that better suits your lifestyle, the process of selling your home can be overwhelming. That's where a Senior...
What’s the Difference Between a Home Inspection and an Appraisal?
What’s the Difference Between a Home Inspection and an Appraisal? If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process...
Falling out of Love with Your House? It May Be Time To Move.
Falling out of Love with Your House? It May Be Time To Move. Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it...
98% of millennials want to become a homeowner at some point if they aren’t already.
5 Reasons Millennials Are Buying Homes In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some...
Think Twice Before Waiting for Lower Home Prices
Think Twice Before Waiting for Lower Home Prices As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve...