Liz's Havasu Lifestyle Blog: Most Affordable Housing Market in Years

Realtor® Liz Miller  ~  Lake Havasu City Real Estate

As home prices decline in many areas of the country, we are seeing one of the most affordable housing markets in years.  This housing market combined with low interest rates is motivating millions of home buyers to hit the market and find their dream home for a bargain.

Realtor.com recently did a Homeownership Survey that showed home buying affordability is what is driving more than two-thirds of potential buyers back into today's real estate market.  That's means about 65.2% people are looking to buy a home nowadays.  One in five of prospective buyers said foreclosures have motivated them to purchase a home.  They look at foreclosures as bargains.  Just over 15% of prospective buyers said they are motivated to buy now or very soon because they think this is where prices will be bottoming out and they want to get in on the low interest rates before they begin to rise.  The $8,000 Federal tax credit was the motivation for just over 14% of first-time home buyers.   

The Homeownership Survey also found that many Americans are still not aware of how affordable homes are today.  Approximately 76% think that a median income family cannot afford much these days when, in actuality, a family earning the median income of $53,000 can afford almost 75% of the homes on the market.

The only downside to the survey was that it found one in ten current home owners have been delaying selling their home because of the low home prices.  Many fear they will not get what they purchased their home for.

This survey has clearly shown that potential buyers are motivated by value and affordability.  Now, with such a wide variety of quality homes currently within the average American families reach, the motivation is greater than ever and many buyers are taking advantage of this wonderful opportunity.  And why not?  Low prices seem to work for everyone.