According to a recent study conducted by Hanley Wood LLC, a data research company serving the housing and construction industries, 29% of renters and 19% of owners are considering buying within the next 2 years. The “Housing 360 Study” encompassed over 3,000 households across the country and included some of the hardest hits areas such as Nevada and Arizona. The flight to rentals caused by many factors, including tougher financing, may actually now be playing a significant role in the desire to own as rental rates are soaring.
The most significant revelation is that home ownership is still seen as an important part of the American family; 59% of renters and 89% of owners feel that way. The survey suggests that as many as 2 million buyers may be ready to pounce when they feel the time is right…and that could be over the next 24 months, but still depends on the loosening of credit and stabilization of the economy. With nearly 75% of owners and 60% of renters believing this is a really good time time buy, maybe it’s time to get off the sidelines before the inevitable re-entry of all this competition!