The percentage of Americans who have been waiting to buy a home over concerns about the economy has dropped by more than half since 2010, a new survey by FindLaw.com says.
Sixty-three percent of Americans surveyed said in 2010 that they were putting off homebuying decisions because of the sluggish economy. In 2012, the percentage has dropped to 30 percent.
“Two years ago, the economic situation was driving a lot of potential home buyers to the sidelines,” says Stephanie Rahlfs, an attorney and editor with FindLaw.com. “But today we’re finding that the state of the economy is becoming less of a factor in keeping people out of the housing market.”
Many more factors are driving home buying decisions today, regardless of the state of the economy, Rahlfs adds. For example, she says homebuying motivators can be income, housing prices, schools, commute times, job relocations, mortgage rates, and the ability to sell an existing home.
“Among middle and upper income levels, we’re seeing a significant rise in people saying the economy is making them more likely to enter the housing market,” Rahlfs says, attributing that to the low mortgage rates and housing prices.