Are Homeowners Still Optimistic?

While homeowners are aware of how home prices have fallen in recent years, they aren’t expecting a rebound anytime soon, according to a recent Pew Research survey. About half (47 percent) of those surveyed say their home is worth less now than before the recession began, and 31 percent say their home’s value has stayed the same. Only 17 percent say their home is worth more.

Of those who say their home lost value, 86 percent believe it will take at least three years for values to recover to pre-recession levels, while 42 percent say it will take at least six years and 10 percent say it will take more than 10 years.

Even with the decline in home values, most homeowners that said that their home is worth less than before the recession began, still either strongly believe (37 percent) or somewhat believe (45 percent) that homeownership is the best long-term investment a person can make.

We agree and feel it is also, for most people. Do you know if you could buy in this market? Financing is tougher but we don't want you to buy if it doesn't seem right to do so. Just don't be disappointed when you are ready, the market will be higher in price and higher in interest rates. It is coming.