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Good Time To Buy But Skeptical About Ability To Obtain A Mortgage
NAR's survey found that more homeowners (82 percent) than renters (68 percent) during the polling period believe that it's a good time to buy a home. Furthermore, of those who thought it was a good time to buy, 64 percent felt strongly about buying. Among current owners, 61 percent believe it is a good time to sell a home, of which 53 percent felt strongly that it was a good time to sell.
According to the survey, roughly two-thirds (65 percent) think it would be very or somewhat difficult to obtain a mortgage. Furthermore, there are differences among income brackets. Renter households making between $30,000 and $40,000 were the most likely to be declined a mortgage (10 percent), while 51 percent of those who make more than $50,000 a year have not tried but feel confident they would succeed in getting a mortgage. Overall, five percent of renters have recently tried and failed to obtain financing for a home.
By nearly double the amount of other responses, the most common reason homeowners purchased a home was for lifestyle changes such as getting married, starting a family or retiring (35 percent). Eighteen percent said the desire to settle down in one location influenced their decision to buy, and 15 percent cited an improvement in their financial situation.