Mortgage and Finance

Homebuyers Expect Market to Improve

Homebuyers Expect Market to Improve

Will a new U.S. president help turn around the housing market? Many homebuyers seem to think so. A new Harris Interactive survey commissioned by Move, Inc., finds that 44 percent of homebuyers believe the housing market will improve once a new president takes office next January.Nearly half (48 percent) of women and 41 percent of men think a new chief executive will bolster the housing market.

However, 81 percent of homebuyers are still nervous about the housing market and cite several barriers to owning a home, including cost of a down payment (28 percent), their annual income level (20 percent), lack of confidence in the economy (26 percent), and high home prices (31 percent), especially in the Western states (39 percent).

Despite these reservations, desire for homeownership remains strong, the survey finds. While 41 percent of current homeowners plan to purchase again, 80 percent of all renters plan to purchase a home someday and 47 percent plan to do so within the next five years.

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