Survey Results: Downpayment and Closing Costs are the Biggest Obstacles
July 24th, 2009
Categories:Real Estate News
National Association of Realtors (NAR) released their 2009 National Housing Pulse Survey last week. Here are some of the highlights.
82% of home buyers looking to take advantage of this market feel saving for a down payment and closing costs is still too great of an obstacle.
On a positive note, 83% of Americans surveyed believe buying a home is a good financial decision.
75% of those surveyed believe now is a good time to buy a home, a number that continues to increase.
80% of homeowners feel it is harder to sell a home in today’s market than it was a year ago.
Only 18% of Americans expect prices to further decrease.
70% of those surveyed are concerned about their ability to obtain financing for a home loan.
2/3rds of those surveyed see layoffs and unemployment as big problems and 8 out of 10 of those surveyed feel it is a barrier to homeownership.
51% state foreclosures are a real problem in their area. 41% of the respondents see the rate of foreclosures as stabilizing.
All in all we are seeing some improvements in consumer confidence. As expected, the unknown outcome of future foreclosure rates is a big concern along with obtaining the down payment and closing cost fees.
Related posts:
- What Closing Costs Do You Have to Pay for at the Closing Table?
- 4.5% Home Loans Help, Hurt or Just Silly?
- The Closing Table – What to Know
- Real Estate Market Update
- Highest Mortgage Rate Jump Since '87