The percentage of Americans who have
been waiting to buy a home over concerns about the economy has dropped
by more than half since 2010, a new survey by FindLaw.com says.
Sixty-three percent of Americans surveyed said in 2010 that they were
putting off homebuying decisions because of the sluggish economy. In
2012, the percentage has dropped to 30 percent.
“Two years ago, the economic situation was driving a lot of potential
home buyers to the sidelines,” says Stephanie Rahlfs, an attorney and
editor with FindLaw.com. “But today we’re finding that the state of the
economy is becoming less of a factor in keeping people out of the
housing market.”
Many more factors are driving home buying decisions today, regardless
of the state of the economy, Rahlfs adds. For example, she says
homebuying motivators can be income, housing prices, schools, commute
times, job relocations, mortgage rates, and the ability to sell an
existing home.
“Among middle and upper income levels, we’re seeing a significant
rise in people saying the economy is making them more likely to enter
the housing market,” Rahlfs says, attributing that to the low mortgage
rates and housing prices.
Source: “Survey Shows People Becoming More Likely to Participate in the Housing Market,” RISMedia (Nov. 7, 2012)