Checking the Pulse of the Housing Industry
As we are fully immersed into Q4 and the end of the year is fast approaching, we’re excited to share news that reveals the housing industry is poised to start 2016 off on the right track. The National Association of Realtors’ recently released 11th annual Housing Pulse Survey unveiled optimistic consumer outlook and a host of positive trends about the real estate industry, renting and homeownership aspirations.
About the Housing Pulse Survey
NAR’s telephone survey was conducted with 1,000 adults who reside in the 50 most populous metropolitan areas of the U.S. To broaden the scope of the survey, an additional 250 interviews were conducted with millennial adults. The overall goal of the survey was to accurately measure consumers’ attitudes and concerns about specific aspects of the housing industry.
This Year’s Key Findings
NAR’s Housing Pulse Survey for 2015 discovered the following key findings regarding renters’ attitudes toward homeownership, overall attitudes on homeownership and attitudes toward the current state of the real estate market.
Renters’ attitudes about homeownership:
- The number of renters who are thinking about purchasing a home has increased from 36 percent in 2013 to 39 percent this year.
- 61 percent of renters say eventual homeownership is one of their highest priorities – up 11 points from 2013.
Overall attitudes toward homeownership:
- Americans under 35 overwhelmingly said debt is the top obstacle in obtaining home ownership.
- Despite the above, over 80 percent of Americans believe purchasing a home is a good financial decision.
- 71 percent of respondents believe they could sell their house for at least what they paid for it – a jump of 16 points from 2013.
Attitude toward the current real estate market:
- Almost 90 percent of respondents expect real estate sales to increase or remain the same.
- Nearly seven in 10 Americans believe now is a good time to buy a home.
“Homeownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities,” said NAR President Chris Polychron in a press release. “Realtors believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream in a safe, responsible way, which is why NAR advocates homeownership issues and educating potential buyers about achieving their property investment goals.”
After a year of recovery in the housing industry, consumers’ attitudes about homeownership are on the right track. Rather than having consumers wait until warmer months to pursue homeownership, get the conversation going that reaffirms there has never been a better time for homeownership.