Americans Say Buy Now
Spring is beginning to spring in Summit County...although we're expecting more snow tonight, which I guess is par for the course. The other thing that is springing upward is our inventory...it is making a gradual incline - which is normal for this time of year. The inventory has not jumped as much as it usually does, which is good for our real estate economy. The supply/demand ratio, also called absorption rate, is fairly stable at about 15 months county-wide. We consider 1-5 months a seller's market, 6-7 a balanced market and 8+ months of inventory is a buyer's market.
Here's some good news!
Gallup Poll: Americans Say Buy Now
With dropping home values in many markets mixed with interest rates at historical lows, homes are more affordable now than they’ve been in the last 35 years, reports Zillow.com.
The average buyer nowadays can expect to spend about 17 percent of her monthly gross income on a mortgage, which compares to a 25 percent average since 1975, Zillow reports.
With affordability high, Americans seem to be getting the message about the value of home ownership. Nearly 70 percent of Americans say now is a good time to buy a home, according to a recent Gallup poll.
Men are about 16 percent more likely to say now is a good time to buy a home than women. And Americans living in the West are most favorable toward buying (75 percent), which compares to 64 percent of Americans who live in the South who say now is a good time to buy.
Americans with higher incomes also expressed more of an interest in home ownership, according to the Gallup poll. Americans who make $75,000 or more a year are 18 percent more likely to say that 2011 is a good time to buy a home than those making $30,000-$75,000.