Here’s why Americans think it’s time to buy a home

Here’s why Americans think it’s time to buy a home

Despite shattered inflation, rising mortgage rates to battle and the ongoing plagues of rising rents, a new study shows that, hey, maybe there is some reason for optimism?

About six in ten Americans, or 56%, believe that “right now” is the time to buy a home, according to a study conducted by OnePoll on behalf of the fintech lending company Lower. The survey collected responses from 1,000 homeowners and 1,000 tenants, and found that 55% of those surveyed claim ongoing record high inflation has made them want to buy a home even more.

Specifically, 47% of that group said they aim to get one within the next year. The majority of the individual sample, 74%, add that it would be the first time they buy a house. Only 26% are existing homeowners who want something different.

Only more than half of the participants – 51% – said that they see home ownership as an investment opportunity against financial freedom, while 50% said that they want to get a foothold in home ownership before the valuation rises more. Others with their eyes on their golden years – 42% to be exact – said they want to live comfortably in retirement. (Of the total pool, 41% admitted to being bored in their current homes, and 41% aim to get a home for the growing family.)

It may not seem like the best time to buy a home, but a number of Americans will still.
It may not seem like the best time to buy a home, but a number of Americans will still.
Getty pictures

“Homeowners have received tens of thousands in equity in recent years. This is money tenants have left on the table, said Lower co-founder and CEO Dan Snyder in the report. “Many people are waiting for prices to cool, but the reality is that they will only slow down from the record pace. Now is the time to buy before valuations continue to rise.”

Of the pool of the study, 30% felt optimistic that the housing market would cool down over the next year – while 43% saw that “very” regarding the status quo continues, while 25% thought that things would take a turn for the worse.

The survey included 1,000 homeowners and 1,000 tenants.
The survey included 1,000 homeowners and 1,000 tenants.
Christopher Sadowski
The main findings of the study.
The main findings of the study.
OnePoll / Lower

And although headlines about the cooling of the housing market are making their way through the media, 45% of poll participants said the boom – and the high demand that came with it – is actually getting even hotter. (Only 10% meanwhile thought the boom had subsided.)

For the 1000 tenants, 56% said they want to move, but can not afford it. Among them, 27% pay $ 2001 to $ 3,000 per month, 20% pay between $ 1001 and $ 2000 – while 16% owe $ 3001 to $ 4000 per month. Still, 57% of the 1,000 respondents hoped to own their own homes one day. Their reasoning included financial stability – 40% – and the chance to gain financial freedom, for 35%.

“It may seem scary, but it does not have to be,” Snyder added. «Find a real estate agent and a lender who value the customer experience by creating a specific, simple process. They will help you along the way, and your biggest concern will be finding the perfect home. ”

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