Poll: 60% of Americans won't buy homes in next two years, but 60% believe now is the time to buy
60% of Americans won't buy homes in next two years, but 60% believe now is the time to buy. This contrary statistic simply states that Americans think the bottom is near, but they're certainly not willing to put their money where their mouth is. It indicates complete uncertainty in our economy.
The herd mentality -- nobody wants to go first and they want to read it in the mainstream media that now is the time to buy.
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Very interesting Pat. No wonder we are 33% down from last year in number of sales.
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I think this beautifully illustrates the worthlessness of polls. If people really and truly thought it was a great time to buy, they would be buying! It just shows that people will say they feel a certain way when it comes to answering a poll, when, in reality, they do not feel that way at all. It makes me skeptical of all polls.
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Change happens slowly, people will buy houses, they always have and always will.
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I think you're construing a reason behind the numbers without actually knowing what the reason is. I fall into both categories - I think now is the time to buy, but I probably won't buy in the next 2 years. Why? Because I can't AFFORD it. I can't get a loan. And given the state of the economy, I'm sure a lot of people are in the same position I am. Plus, just because you know it's the right time to buy, doesn't mean you are in the market.
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Thanks Holly, you've explained it well... although inexact, statistically that 20% overlap of that 60%/60% diametric split falls into your category...
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Given a the perception that the real estate market has NOT yet hit bottom, who wants to take the risk at buying then finding that your newly acquired property still has a way to go to hit bottom? Simply put, that you've bought prematurely, and overpaid? And if you also have the inertia of not only needing to sell your existing home, but having great difficulty in doing so, before you buy another home, your incentive (and initiative)to do so is even more -- and sharply -- reduced. Indeed, your own difficulty in selling your property then validates for you the perception that the market has not yet hit bottom. The closer we are to a real bottom of the real estate market, the greater the velocity and volume of purchases. That will happen more and more as selling prices hit the real bottom. That bottom can be intelligently guessed at, but we will not know what that bottom surely is until we actually hit it.
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I'm a Realtor in Cedar Park, TX. We still have a stable market. Our prices are appreciating at a reasonable rate so we don't expect a bubble to break due to overly inflated values. But even in this strong market it is harder to make a sale. Some people are scared by the national news and others are having trouble getting qualified for a mortgage. It's starting to improve but there have been some slow months. www.keithdowdle.com
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