Now is the time
A recent survey of households (78 percent) of potential first-time home buyers say now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March, 68 percent think now is a better time to buy than six months ago.
Prices are the driving motivation for potential first-time home buyers with more than 85 percent saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.
Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market.
When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue. Most respondents (86 percent) are in the market for single family homes.
posted by Don Bullis at
6:34 AM
1 Comments:
Hi Don, I spent 24 years on the East Coast, living in Dover and Lewes. Just found your blog and am pleased to see a Delaware housing blog online. I'm going to have to disagree that now is the time to buy. Granted, Delaware did not experience the run up that California (where I currently live) did, but the coastal areas (Lewes, Ocean City etc...) came close.
From my personal experience, Dover and Camden Wyoming prices more than doubled in certain areas and incomes did not adjust to support the debt level of households. Please keep in mind, the average household income in Delaware is in the $40k range - that hardly supports $200k + homes.
Pre-boom in Delaware (roughly 2000) new construction townhomes in Dover were in the $90k range - by 2005 they had skyrocketed to $180-200k + ... I don't see that as being a sustainable trend..
My main concern is the next wave of resets coming our way.. I read one of your earlier posts about foreclosures slowing down, but that's most likely because of the 90 day foreclosure moratorium. Foreclosures are rising again and I plan on seeing prices drop for another 2-3 years.
Not trying to sound like a pessimist, but if you have information that indicates otherwise, please share.
May 27, 2009 3:50 PM
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