I have a client who will be writing an offer on his first house today. He has been waiting until just the right time. He looked into purchasing during the First Time Home Buyers Credit program last year, but decided to wait. Today, he said he was glad he was patient.
My buyer has joined the 13,780 U.S. home buyers who think now is a good time to purchase a house. Each day 13,780 families will purchase a house. That's 13,780 homes yesterday, 13,780 homes today and 13,780 homes tomorrow. That's up nearly 20 percent (18.6 percent) over last year. So what makes these people make the decision to purchase now?
According to Steve Harney, a national real estate expert and speaker, prices have dropped to below "pre-bubble" prices. At the same time, interest rates continue to be at record lows. Home buyers today can purchase the same $200,000 house at the same price and save more than $200 a month! At the same time, rents continue to climb!
Home ownership is a long term investment. It was never meant to be a short-term investment. I think the public is reverting back to that philosophy. According to a Pew Research Center Survey, 81 percent of people view owning a home as the best long term investment.
Other surveys indicate people have pretty strong feelings about owning a home. According to Fannie Mae's National Housing Survey, 95 percent of respondents see home ownership as a positive experience. A 2011 Gallup Poll showed 69 percent of people think now is the time to buy. And eighty-eight percent of people continue to view home ownership as the American Dream, according to the New York Times & CBS News Survey. My client is one of them!
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