Survey finds Americans Prefer Homeownership

This recent survey and report by Fannie Mae is accurate and reflects the national attitude of most buyers in this current market. Yes the economic news has petrified and effected almost everyone in the country. Most average Americans are holding their cards close to their chest just waiting for the bottom to hit or the tone of the real estate news to change. The news is encouraging and interest rates are tremendous. In our 25 years of living and working in real estate we have never seen a better time to get started in home ownership.
It is imperative that a home buyer be cautious and get professional help. A through evaluation of all the facets of the purchase (price, financing, terms, neighborhood conditions, amenities, condition, location, values, structural condition, title issues, enviromental hazards, access, permits, natural hazard potential, zoning etc) is almost a requirement before making the largest financial decision of most people’s lives.
Here is a summary of the Fannie Mae National housing Survey report:

A new national survey gauging attitudes toward housing finds that two-thirds of Americans (65 percent) still prefer owning a home, despite the challenging economic environment and the housing downturn. The Fannie Mae National Housing Survey, conducted between December 2009 and January 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy.
The survey revealed that homeowners and renters alike are taking a more cautious approach to homeownership. Nearly a quarter of renters polled (23 percent) said they will buy a home later than once planned. In addition, Americans with traditional, fixed-rate mortgages with predictable payments are significantly more satisfied than those with other types of mortgages. Respondents cited non-financial reasons such as safety (43 percent) and quality of local schools (33 percent) as driving factors in wanting to own a home, ahead of financial considerations.
A majority of consumers (60 percent) believe that buying a home today is harder than it was for their parents, and nearly seven in 10 (68 percent) think it will be even more difficult for their children. Most respondents (88 percent) also believe that walking away from an underwater mortgage is not acceptable, but those who know someone who has defaulted are more than twice as likely to have seriously considered stopping payments on their mortgage.

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