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Will A New President Help The First Time Home Buyer?

Jul 18, 2008
According to a survey conducted by Harris Interactive, commissioned by Move, Inc. and released today, about 44 percent of all home buyers feel that the housing market will improve with a new President taking office. At the same time the majority of home buyers are nervous about the housing market and report barriers between them and becoming a home owner. These barriers are the cost of down payments, annual incomes and a lack of confidence in today's economy to name just a few mentioned. Despite all, there is an underlying demand for homes which is healthy.

This same survey reports that about 80 percent of all renters plan at some point to become home owners, nearly half of them plan on doing so within the next five years. Space, life changes such as family and increasing rent charges are a few of the reasons given for wanting to become home owners. What these findings show is that despite the subprime crisis and difficulties in economy and new mortgage rules the underlying demand for housing remains strong. People still long to have a home of their own; however, their thoughts and priorities regarding the home and neighborhood are changing with today's changing world.

Most potential home buyers are willing to make sacrifices in their lives to save money and earn extra income to obtain down payments. Certain neighborhood features and home amenities are willingly overlooked to be able to buy a home in the current market. A number of these choices reflect changing values as well as a growing concern of the environment, community features and the rising cost of fuel. The finings in the survey demonstrate that despite difficulties faced buy first time home buyers they are willing to do what it takes to become home owners. It shows strength and a determination. This is great news to the real estate industry that pays attention to consumer perceptions and behaviors. This survey can be used for feedback that will enable them to identify ways to enhance the search experience to meet the needs of today's consumers who will be the first time home buyers of tomorrow.

First time home buyers see better things on the horizon coming with the new President coming into office in January 2009. Today's falling economy makes it difficult in saving for a down payment and is putting off new home owners until things are able to pick up. A promise of a new President nearly always brings promises and hopes for a change in what is currently happening in the jobs situation and in the economy as a whole. With an economy that is already facing challenges this hope is heightened and the changes are anticipated with baited breath.
About the Author
J Stromsteen has many years expertise in the finance, real estate, and insurance industry. She contributes to various websites such as First Time Home Buyer where you can find today's mortgage rates as well as a wealth of information on getting a First Time Home Buyers Loan .
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