According to a new survey by Move, Inc, 23% of adults plan to purchase a home in the next five years, and more than half of them (53.5%) are first time homebuyers. The same survey states that just over half (52%) of all Americans are concerned they or someone they know will face foreclosure in the next six to 12 months.
The Move survey found the housing downturn has created significant demand fo homeownership especially among first-time homebuyers. While 5.8% plan to purchase a home in the next 12 months, 12.8% of Americans say they plan to buy a home in the next two years and 11% plan to purchase a home in two to five years.
“It’s not all doom and gloom. We found Americans are optimistic about homeownership despite concerns,” said Move, Inc., CEO Steve Berkowitz. “They’re doing everything they can, from reducing discretionary spending to pay their mortgages, to planning to take advantage of the administration’s new program to stop foreclosures. They’re also working with lenders to modify loans. Even more impactful are numbers that show interest in home ownership is strong as nearly a quarter of all adults plan to buy a home in the next five years.”
The results of the survey are based on interviews conducted from March 6 to 8, 2009. A total of 1,005 interviews were completed. The margin of error on weighted data is [+/-] three percentage points for the full sample. Move, Inc. is a leader in online real estate and is the operator of Realtor.com.
“One in Five Americans Plan to Buy a Home Despite Economic Conditions” (Move Inc, March 23 2009)
“One in Five Americans Plan to Buy a Home Despite Economic Conditions” (Fox News, March 23 2009)
“Most 2009 buyers may be first-timers” (Inman News)
“One in Five Americans Plan to Buy a House: Report” (HousingWire.com, March 23 2009)
“Many New Homebuyers Unaware of Obama Tax Credit” (Epoch Times, March 23 2009)