The real estate market has taken a beating in the past few years. During the most recent downturn in the economy, real estate values plummeted causing homeowners equity to vanish with many homeowners facing short-payoffs and even foreclosure. Despite the more positive recent news regarding real estate, potential buyers are facing increased scrutiny from banks in order to get funding. Many buyers are still having a hard time qualifying for mortgages.
Despite all the negative factors affecting real estate in the recent past, The California Association of Realtors (C.A.R.) indicates that home ownership is still a dream for many. The following are some interesting statistics published by the C.A.R.:
- 81% of adults surveyed believe buying a home is the best long-term investment a person can make
- 80% of the adults surveyed see homeownership as a very important long-term financial goal
- 81% of renters would like to own a home in the future
- 54% of first-time homebuyers bought because they were tired of renting
- 96% of homeowners are happy with their decision to own
These statistics published by the C.A.R. demonstrate that people still believe in the value of home ownership, which will continue to provide demand for residential real estate from the buyers side.