Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.
Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong majority (71 percent) believe a 20 percent down payment requirement could have a negative impact on the housing market.
Some key findings from this year’s survey include:
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Seven-in-ten Americans (71 percent) say requiring a down payment of twenty percent on the cost of a home would have a negative impact on the overall American housing market.
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More than three quarters of renters (77 percent) say they would be less likely to buy a new home if they were required to make a 20 percent down payment. Among current homeowners, four-in-ten (39 percent) say they would not have been able to buy their current home if they been required to make a 20 percent down payment.
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Having enough money for a down payment and closing costs is the largest obstacle that makes housing too expensive and unaffordable (82 percent say it is a “huge” or “medium-size” obstacle).
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Two in every three Americans (67 percent) oppose eliminating the home mortgage interest deduction as one part of a plan to reduce the federal deficit. Underscoring the intensity of this opinion, a majority of Americans (51 percent) strongly oppose eliminating it.
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Even more Americans (73 percent) believe that eliminating the home mortgage deduction would have a negative impact on the American housing market, while 65 percent say it would have a negative impact on the overall economy.
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While fewer Americans than in the past agree, the overwhelming majority (72 percent) still say that buying a home is a good financial decision. Almost two–thirds (64 percent) say that now is a good time to buy a home.
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The stalled economy continues to adversely affect the housing market. Confidence in job security is a top obstacle (80 percent say “huge” or “medium-size”) to home ownership, while job layoffs and unemployment are ranked as the top problem facing Americans (61 percent say it is a “very big” or “fairly big” problem in their area).
Now take a look at how the Midtown Montgomery real estate market performed in June.
Midtown Montgomery real estate sales statistics for June show the average sales price increased by 2% to $151,399 when compared to June 2010. The number of homes sold decreased by 16% in June. The median sales prices increased by 13%, and market times increased 5% or 6 days. The highest selling home price decreased by 23%, and the lowest selling home price increased by 7%.
| Midtown Montgomery |
May 2011 |
May 2010 |
| Homes Sold |
22 |
45 |
| Average Selling Price |
$ 150,975 |
$ 166,925 |
| Median Selling Price |
$ 111,450 |
$ 118,900 |
| Days On The Market |
121 |
103 |
| Highest Selling Price |
$ 480,000 |
$ 750,000 |
| Lowest Selling Price |
$ 12,500 |
$ 5,100 |
For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
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