Survey Finds “Crisis of Confidence” Among Homebuyers

October 8, 2008 | Filed Under Real Estate News 

Agents who find themselves struggling to find homebuyers for their listings are not alone. A new survey by real estate listing service Trulia finds that 70 percent of non-homeowners surveyed say they have no intentions of buying. Among those age 18-34, 44 percent say the reason they don’t own a home is because of cost, while almost the same percentage (41) of those age 35-44 say concerns about their ability to qualify for a loan is keeping them from buying. Even so, more than half of those surveyed say they still believe that owning a home is key to achieving “the American Dream.”

The survey also finds that 92 percent of current homeowners plan on staying put over the next 12 months, and almost half (49 percent) still believe their home is a good long-term investment, even though the current market has given them some anxiety.

“It appears that the financial and mortgage meltdowns really have had their greatest impact on the sector of American consumers who haven’t yet bought a home,” said Pete Flint, CEO of Trulia. “This combination of the mortgage and Wall Street crisis is tantamount to a one-two punch that has knocked the wind out of the American home-buying public. The question is how quickly the American psyche will heal.”

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