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: