A large majority of respondents to a new Housing Predictor survey say now is the time to buy real estate, despite uncertainty over the U.S. economy.
Nearly two-out-of-three surveyed said it’s time to buy a home or other real estate now. Only 38% said the current economic environment makes it too risky to take the plunge, despite record low mortgage rates and home prices at the lowest level in decades.
Foreclosures are near all-time levels supplying the U.S. housing market with an over supply of discount priced homes in many regions of the country, driving home sales higher with record low mortgage borrowing rates. The six year slowdown in home sales in many areas of the nation has been transformed with a tighter inventory of homes to choose from, including some of the hardest hit cities.
Home prices have fallen by at least half from their record high levels in the U.S., driving home buyers back into the market. First time buyers make up nearly a third of all home purchases, with investors making up nearly another third. About one of three homeowners are underwater on their homes, owing more on their mortgage than the home would currently sell for in their city.
Is this the best time to purchase real estate or is it still to risky?
Best Time to Buy? 62% Too risky 38%
To see the previous poll results click here.