Survey Says Americans Remain Eager to Buy a Home
September 28, 2011
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With home prices attractive and mortgage rates at all-time lows,
we've seen plenty of interest from consumers buying a home. A new report suggests even
more homebuyers could enter the market in the months ahead.
Harris Interactive conducted a survey of 2,207 American adults on
behalf of real estate website Trulia. The report found that 70
percent of respondents considered buying a home to be part of their
personal "American Dream," with 57 percent of current homeowners
saying a home was the best investment a person could make, ahead of
401(k) and retirement investing.
In an interesting shift, the survey also noted that Americans
appear to be less interested in large, sprawling suburban homes and
are instead being drawn to smaller properties in ideal locations.
Only 6 percent of respondents said they wanted to live in a home
sized 3,200 square feet or more, while 32 percent said their ideal
property was between 1,401 and 2,000 square feet.
"The homes that people will want in the future will look different
than today's housing stock," said Jed Kolko, Trulia's chief
economist. He noted retiring baby boomers and young millennials
alike prefer homes with easy access to restaurants, retail outlets
and public transportation.
The centrally located, urban homes more Americans seek often
come at a higher price tag, especially in top metropolises like New
York City. That could mean more buyers may need jumbo loans to
finance these properties.
If you're thinking of moving to a smaller home in this type of
location, we suggest building up substantial savings first. It can
help your chances to pay more than 20 percent down on a jumbo loan, and if you buy a
condominium in a community with a high occupancy rate, you may pay
less in interest rates.