Now is Still a Good Time to Buy?

happy homeowners

More than 80% of first-time home buyers and sellers feel the current housing market is more affordable today than this time last year, despite the fact that 40% of all respondents are more worried about the economy compared to this time last year, according to Century 21 Real Estate LLC’s First-Time Home Buyers and Sellers Survey.

While the attractive combination of home prices, mortgage rates and tax credits appeal to both buyers and sellers, market conditions continue to favor buyers. However, first-time home buyers anticipate home prices will soon begin to rise and in fact, about half of first-time buyers (48%) expect an increase by this time next year, thereby reestablishing the balance between buyers and sellers.

Home price effects on first-time buyers and sellers:

-More than 80% of buyers believe now is a good time to buy a home.

-First-time home buyers rated the three most influential factors in their decision to enter the market and buy a home as current housing prices (66%), followed closely by both the home buyer tax credit (63%) and low interest rates (60%).

-Finding a home within a buyer’s price range is extremely important (95%), as is a neighborhood’s safety (90%).

-The top two factors influencing the first-timers’ decision to sell their homes were personal/family reasons and current housing prices – both of which were cited as motivating factors by 48% of first-time sellers.

-Most likely due to their experience, approximately half of first-time sellers (54%) think home prices are more affordable now than compared to this time last year.

-In fact, the current home prices have influenced 50% of sellers to ‘move-up’ and 37% to change neighborhoods.

-Sellers are mainly concerned about losing money on the sale of their home and receiving offers near their asking price.

-Approximately half of all first-time home buyers (48%) and sellers (53%) anticipate housing prices will increase over the next year.


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