• Greater Binghamton Office
    (607) 757 2100
  • Penn Yan Office
    (315) 536 7456

The Lure of Homeownership

Homeownership has always been a part of the traditional American Dream. It may be surprising to some, but even with the recent sluggish economy and changes in mortgage regulations, many are still holding on to that dream. Read the REAL Trends article below for details on consumer views of housing and using a real estate agent:

New study shows consumers have a favorable view of housing.

Written by Steve Murray, publisher REAL Trends

Too much of the time the focus of leaders in the business is on the challenges and not the opportunities. Once in a while, however, we do hear some good news, and it reminds us that the desire to have one’s own home remains as strong as ever.

According to Prudential Real Estate’s first quarter consumer survey, 77 percent of consumers have a favorable view of housing—a 12 point jump from a year earlier. Even the Millennials look at housing in a positive light with 85 percent viewing housing favorably. Nearly 70 percent indicated they were committed to buying or selling a home now, which is a measurable improvement over a year ago. Lastly, 88 percent believe that having a quality real estate agent is important to successfully selling or buying a home.

The more things change, the more they stay the same. This is one big take away from the Prudential study. Further proof comes from REAL Trends’ new book, "Game Changers,” where the number of recent buyers and sellers who used a real estate agent remains unchanged from a similar study REAL Trends did 13 years ago. The appetite for owning a home and the view that agents make a positive difference in buying or selling homes remain as strong as they ever have—despite all the bad news around housing for the last eight years.

While mortgage regulations and the anemic recovery for younger households have hindered housing sales (and there are many contributing factors in addition to these two), households at every stage of life continue to want to own their home. While a larger segment than we like cannot afford to do so as soon as they would like, they will one day become homeowners—and for this we should be thankful.