According to a national survey, confidence increased marginally among respondents with 73% at least somewhat confident in the recovering real estate market and property values.
The survey also shows that Millennials and Generation X place a higher importance on and hold more favorable views toward home ownership than older generations.
1- Home ownership remains important to 96% of Americans with 77% of respondents age 25-34 and 78% ages 35-44 indicating home ownership is "very important". More so, 74% of respondents agree that with interest rates at historically low levels now is a great time to buy a home.
There are some programs like FHA or CHFA that help buyers who qualify to purchase a home for as little as 3.5% down payment and with up to 6% of sellers concessions. A purchaser can also get a DAP (down payment assistant program), which they have to qualify for. With such a low interest rates a buyer can borrow money through some programs and pay $4.00 for every $1,000 they borrow, yes, FOUR dollars for every THOUSAND!
2- Space, safety and investment drive the reasons to own a home, with 97% respondents stating that home ownership allows for more control over living space.
I know it sounds repetitive, and everyone in our business is saying the same thing, but there is no better time to buy a home than now, for sure!
