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April 16, 2010

Real estate poll: Buyers (and sellers) in the wings

Economists and real estate agents often muse about "pent-up demand" -- the number of people who would have bought a home already if not for economic conditions. A new survey by real estate search site operator Move Inc. suggests there's a lot of people in that group, but it's not just buying they have in mind.

Nearly half of homeowners surveyed said they'd buy another home right away if they could sell the property they have for at least as much as they paid for it. A lot of Americans are underwater on their mortgages, so there's definitely some "if only" among those surveyed owners.

Fewer people -- 21 percent of those surveyed, current owners or not -- said they actually plan to buy within the next five years. Many with near-term plans are first-timers.

Other interesting results from the survey:

A year ago, less than 6 percent of potential buyers told Move that they intended to snap up a home for investment purposes soon. Now, it's 17 percent. (About one in eight of those intending to buy investment property have the war chest to pay entirely with cash.)

And, Move says, "Just over two-thirds (69.1%) of homeowners who have delayed selling their home reduced their daily living expenses in order to pay their mortgage."

Does reading about a survey fill you with envy that you weren't asked to participate? Here -- try this one:

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (2)
Categories: Housing stats
        

Comments

I have 20% down for a new house and have been ready to move for the past year. However, my house/mortgage is just about level and maybe a little under water and I don't want to deal with renting it out and possibly going a couple months paying two mortgages if I can't get it filled right away. So I am holding off for now, which is disappointing. If I could at least break even I would move.

I don't intend to sell for at least 8 to 10 years. Hope things are looking up by then.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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