Surprise: Many Say They Plan to Buy a Home During 2009

Credit Union Journal
January 22, 2009 | COMMENTS

In contrast to what the pessimism the housing market would seem to imply, a new study found that many people expect to purchase a home within the next two years. The data, from Synergistics Research and included in a report titled, "The Outlook for Mortgage Lending," found that one-quarter of consumers anticipate buying a home in that time frame. Of those, one-fifth are renters who are looking to purchase a home, while slightly less than one-tenth are current homeowners who anticipate doing so. 

Looking just at non-homeowners, who represent more than four in ten (45%) consumers, the survey found that four in 10 renters will be looking to purchase a home in the next two years, the survey found. Purchase intent among renters increases as their household income increases.

"Even under the shadow of the mortgage market turmoil and an unstable economy, providers should not lose sight of the potential that still exists," said CEO William McCracken. "There continues to be demand, and future expectations for home purchases are indicated by a notable number of consumers. The decline in housing values may actually be spurring some into the home purchasing market. One-quarter indicates they will be in the market for a home in the next two years, with four in ten non-homeowners reporting future home purchase plans."

This article appeared at www.cujournal.com and is reprinted with permission.