Buyers vs. sellers on home prices

 

Jan. 3, 2012 – Housing analysts expect home prices to stabilize in 2012, but that doesn’t mean buyers and sellers won’t continue to be at odds over home prices.

While buyers are feeling good about the housing market and saying it’s a great time to buy, seller sentiment is falling to a record low, a new report by the Mortgage Bankers Association shows. Sellers say they’re unhappy because they can’t snag the prices for the home that they want.

The MBA report finds a large sentiment gap between homebuying and home selling that isn’t expected to narrow for at least five quarters.

From 1992 to 2005, seller sentiment remained high – between 40 percent and 60 percent, according to the report. However, since 2005, seller sentiment decreased to 7.6 percent. Meanwhile, homebuyer sentiment has remained high despite unemployment and economic conditions. Nearly 80 percent of American households say now is a good time to purchase a home.

As home values dropped over the last few years, many sellers refused to budge on their prices to reflect current market traditions. One reason why: About 20 percent of homeowners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth.

Also, some sellers realize there may be a benefit in waiting to sell or keeping the home on the market to hold out for a higher price, says the author of the report, Gary Engelhardt, a Syracuse economics professor.

“This (trend) could hold prices high enough to drive a substantial wedge between the existing buyer and seller,” Engelhardt says. “And a poor jobs market with limited mobility, a key driver of housing-market transactions, may exacerbate this.”

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Existing-Home Sales Continue to Climb in November

Washington, DC, December 21, 2011

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.

The latest monthly data shows total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.99 percent in November from 4.07 percent in October; the rate was 4.30 percent in November 2010; records date back to 1971.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said housing affordability conditions have set a new record high. “With record low mortgage interest rates and bargain home prices, NAR’s housing affordability index shows that a median-income family can easily afford a median-priced home,” he said.

“With consumer price inflation rising by more than 3 percent this year, consumers are looking to lock-in steady payments by taking out long-term fixed-rate mortgages. However, the problem remains that some financially qualified families who are willing to stay well within their means are being denied the opportunity to buy in today’s market by the overly restrictive mortgage underwriting situation,” Veissi said.

An elevated level of contract failures continues to hold back a broader sales recovery. Contract failures² were reported by 33 percent of NAR members in November, unchanged from October but notably above a year ago when it was 9 percent.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including lower conforming mortgage loan limits, home inspections and employment losses.

Also released today are benchmark revisions³ to historic existing-home sales. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product.

“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service (MLS) data or local supply-and-demand balance, or to local home prices,” Yun explained.

A divergence developed over time between sales reported by MLSs and sales determined by a U.S. Census benchmark; the variance began in 2007. Reasons include growth in MLS coverage areas from which sales data is collected, and geographic population shifts. “It appears that about half of the revisions result solely from a decline in for-sale-by-owners (FSBOs), with more sellers turning to Realtors® to market their homes when the market softened. The FSBO market was overwhelmed during the housing downturn, and since most FSBOs are not reported in MLSs, national estimates of existing-home sales began to diverge based on previous assumptions,” Yun said.

NAR consumer survey data in 2000 showed FSBOs accounted for a 16 percent market share, which fell to a record low 9 percent in 2010.

“In essence, Realtors® began to capture a greater market share. In addition to a decline in FSBO transactions, more builders began marketing new properties through real estate brokers that weren’t completely filtered from the existing-home data,” Yun said. “Some property listings on more than one MLS, and issues related to house flipping, also contributed to the downward revisions.” The new independent benchmark was discussed with government agencies and outside housing market experts, and will allow for annual revisions in the future.

Total housing inventory at the end of November fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply⁴ at the current sales pace, down from a 7.7-month supply in October. “Since setting a record of 4.04 million in July 2007, inventories have trended down and supplies are moving close to price stabilization levels,” Yun said.

The national median existing-home price⁵ for all housing types was $164,200 in November, down 3.5 percent from a year ago. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 29 percent of sales in November (19 percent were foreclosures and 10 percent were short sales), compared with 28 percent in October and 33 percent in November 2010.

All-cash sales accounted for 28 percent of purchases in November; they were 29 percent in October and 31 percent in November 2010. Investors make up the bulk of cash transactions.

Investors purchased 19 percent of homes in November, little changed from 18 percent in October and 19 percent in November 2010. First-time buyers accounted for 35 percent of transactions in November, up from 34 percent in October and 32 percent in November 2010.

Single-family home sales rose 4.5 percent to a seasonally adjusted annual rate of 3.95 million in November from 3.78 million in October, and are 12.9 percent above the 3.50 million-unit level in November 2010. The median existing single-family home price was $164,100 in November, down 4.0 percent from a year ago.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 470,000 in November and are 6.8 percent higher than the 440,000-unit pace one year ago. The median existing condo price⁶ was $164,600 in November, which is 0.2 percent below November 2010.

Regionally, existing-home sales in the Northeast jumped 9.8 percent to an annual pace of 560,000 in November and are 7.7 percent above a year ago. The median price in the Northeast was $240,200, which is 0.1 percent below November 2010.

Existing-home sales in the Midwest rose 4.3 percent in November to a level of 960,000 and are 15.7 percent higher than November 2010. The median price in the Midwest was $133,400, down 4.0 percent from a year ago.

In the South, existing-home sales increased 2.4 percent to an annual pace of 1.74 million in November and are 12.3 percent above a year ago. The median price in the South was $143,300, which is 2.1 percent below November 2010.

Existing-home sales in the West rose 3.6 percent to an annual level of 1.16 million in November and are 11.5 percent higher than November 2010. The median price in the West was $195,300, down 8.4 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

¹Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

² Contract failures, all-cash transactions, investors, first-time buyers, and distressed sales are from a monthly survey for the Realtors® Confidence Index, posted at Realtor.org.

³Periodic benchmark revisions have been made to historic data back through 2007. Although there are downward revisions for total sales, there is little change to previously reported monthly comparisons or characterizations based on percentage change. There are comparable downward revisions to unsold inventory, so there is no change to relative month’s supply. Also, there is no change to median home prices.

A divergence in sales projections developed over time between the fixed model for calculating annualized sales rates and the actual marketplace, including a decline in for-sale-by-owner transactions, growth in multiple listing service coverage areas, geographic population shifts, some new-home sales trickling into MLS data and some individual sales being recorded in more than one MLS. Divergence of the data with other housing data metrics began in 2007.

NAR began to capture a larger share of actual transactions than was assumed in the calculation model based on the 2000 Census; resolving these issues has taking longer than anticipated in the absence of decennial data from the U.S. Census Bureau, which are no longer collected. Other major statistical series such as Gross Domestic Product and employment figures go through comparable periodic benchmark revisions to produce the most accurate data possible; the new benchmark process will permit annual revisions.

NAR began its normally scheduled process for benchmarking sales at the beginning of 2011 in consultation with outside housing market experts. Data for the new benchmark was discussed with representatives of organizations including the Federal Reserve Board, U.S. Treasury, Department of Housing and Urban Development, Freddie Mac, Fannie Mae, Mortgage Bankers Association, National Association of Home Builders, CoreLogic, etc.; and some individual economists.

The data and background are posted at http://www.realtor.org/research/research/ehs_benchmarking.

⁴Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

⁵The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

⁶Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes

Visit us at www.LivingTampaBayRealEstate.com

Joanne & Bob Rudowski

U.S. Housing Starts Surge

After previous recessions, housing accounted for at least 15 percent of U.S. economic growth. Since the recession officially ended in June 2009, it has contributed just 4 percent.

In October, sales of new homes rose slightly, largely because builders cut their prices in the face of weak demand.

Renting has become a preferred option for many Americans who lost their jobs during the recession and were forced to leave their houses.

Another reason sales have fallen is that previously occupied homes have become a better deal than new homes. The median price of a new home is about 30 percent higher than the median price for a resale. That’s nearly twice the markup typical in a healthy housing market.

The homebuilders’ trade group said this week that its survey of industry sentiment rose in December to 21, the highest level since May 2010. Still, any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

 

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Average 30-Year Loan Rate Ties Record: 3.94%

 

The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October.

Low rates offer a historic opportunity for those who can afford to buy or refinance. Still, many people either can’t take advantage of the record-low rates or have already done so.

The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. This week’s 3.94 percent average matches the lowest on records dating to the 1950s.

The average on the 15-year fixed mortgage fell to 3.21 percent from 3.27 percent. That’s also a record.

Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.

Should the Federal Reserve launch a new program of bond purchases in the coming months to try to help the economy that could further drive down mortgage rates.

Rates have been below 5 percent for all but two weeks this year. Even so, this year could end up as the worst for home sales in 14 years.

Frank Nothaft, Freddie Mac’s chief economist, said that despite the super-low loan rates, foreclosures and falling home values have created a “rough environment for housing.”

Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures – and those were the worst in 13 years. New-home sales appear headed for their worst year on records dating back half a century.

Mortgage applications have risen slightly in recent weeks but are up from extremely low levels, according to the Mortgage Bankers Association. Last week, refinancings rose more than 9 percent, while loan applications to buy homes fell more than 8 percent.

Some lenders have reported an increase in applications through the Obama administration’s refinancing program. That program was broadened in October to allow up to 1 million more homeowners lower their mortgage payments. But the MBA said such government-assisted loans account for just a small portion of refinancing.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don’t want to sink money into a home that could lose value over the next three to four years.

The average on the 30-year fixed loan has been below 5 percent for all but two weeks in the past year. And many homeowners who have the necessary credit and home equity to refinance already have.

To calculate average the rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8.

For the five-year adjustable loan, the average rate fell to 2.86 percent from 2.93 percent. The average on the one-year adjustable loan ticked up to 2.81 percent from 2.8 percent.

The average fee on the five-year loan rose from 0.5 to 0.6. And the fee on the one-year adjustable loan was unchanged at 0.6.

 

For More Information Call The Sales Team at (813) 814-0568 or (727) 418-8850

 

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About Joanne and Bob Rudowski

Joanne and Bob Rudowski are seasoned professionals. They are full time, full service realtors who truly enjoy helping sellers and buyers to realize their real estate dreams. Utilizing the latest technology, They provide there clients with the highest level of service, insight, and results in today’s fast-paced real estate market. Joanne and Bob specialize in residential re-sales, new homes, adult communities and waterfront properties in the greater Tampa Bay area, and they are highly knowledgeable of the areas they service. Joanne and Bob would be happy to prepare a Comparative Market Analysis for you at no cost or obligation. Joanne and Bob originally hail from Toms River, N.J. prior to moving to Clearwater; Joanne lived in Toms River where she enjoyed a successful career in Real Estate, working for Diane Turton Realtors on the New Jersey Shore. In addition to her marketing and advertising expertise, Joanne and Bob are highly experienced in the art of negotiation, and they have an excellent reputation for client service and attention to detail. Check out our listing on americantowns at http://www.americantowns.com/fl/tampa/business/living-tampa-bay-real-estate Whether selling or buying a home, Joanne and Bob will partner with you, listen to your unique needs, and guide you through the (sometimes simple, often challenging!) real estate transaction process… and they will do it all with a smile!   www.livingtampabay.com In today’s real estate market, there is simply no substitute for a good REALTOR®. Whether you’re aiming to buy or sell property, a REALTOR® can spell the difference between a smooth transaction and an unsuccessful one. Company Overview The Right RE/MAX Agents For You! People don’t talk about it a lot. But finding the right RE/MAX real estate agent can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. First, you’ll want a RE/MAX agent ready and able to make a full-time commitment to you. We can and will do that. … Second, you’ll want a RE/MAX agent with the experience needed to know the local neighborhoods, schools, market conditions, ordinances, etc. With our years of experience in the local market – We have the expertise and track record of success you need. Third, you’ll want a RE/MAX agent who embraces the convenience of technology without losing the personal touch. You’ll love the resources available on our website and the e-mail alerts that we send, but these will never replace the time we spend with you, serving as your personal guide through this exciting process. If you would like to receive updated listings please fill out our contact us form and we will send you listings to view with no obligations. See More Mission For All Your Real Estate Needs in the greater Tampa Bay and Clearwater area, Joanne and Bob Rudowski are the specialist for you! (727) 418-8850 or (813) 814-0568 In today’s real estate market, there is simply no substitute for a good REALTOR®. Whether you’re aiming to buy or sell property, a REALTOR® can spell the difference between a smooth transaction and an unsuccessful one. Joanne and Bob are dedicated and knowledgeable real estate agents who can provide you with the highly specialized information that will help you make the right decision. It’s the combination of this unique market-knowledge and excellent negotiating skills that allows Joanne and Bob to get you the optimal price for any property you plan to sell or buy. As your real estate experts in the Clearwater and Tampa Bay area, Joanne and Bob can provide you with helpful insights about the area, and can show you why the Tampa Bay area is truly something to be desired. With a professional yet friendly approach, Joanne and Bob help clients feel comfortable about what can be a stressful decision. Trust is hard to come by in today’s fiercely competitive real estate market. Joanne and Bob are here to provide you with the professionalism and integrity needed to ensure that you feel secure in what can feel like one of the biggest decisions of your life. Please feel free to use this website as a resource for all your greater Clearwater and Tampa Bay real estate needs, and if you have any additional questions, don’t hesitate to contact Joanne or Bob today! www.LivingTampaBayRealEstate.com     (727) 418-8850 OR (813) 814-0568

Housing to gradually improve in 2012, NAR economist says!

Gradual improvement in the housing market is expected next year, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost off this year’s record lows, the chief economist of the nation’s largest real estate group said Friday.

“Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently,” Lawrence Yun, chief economist of the National Association of Realtors, said. “Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely.”

Yun, who made his comments during the annual NAR conference for real estate agents under way in Anaheim, Calif., projected gross domestic product growth of 1.8% for 2011, rising to 2.2% in 2012 with the unemployment rate declining to 8.7% by the second half of 2012.

Mortgage interest rates, he predicted, would gradually rise from record 2011 lows to 4.5% by the middle of 2012.

“Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities.”

Existing-home sales are forecast to edge up about 1% this year. Based on NAR’s current projection model, existing-home sales would total 4.96 million in 2011. NAR is revising downward existing-home sales totals in recent years although it expects little change to previously reported comparisons based on percentage change.

New-home sales for 2011 are projected at 302,000 this year, a record low, with expectations that they will rise about 23% to 372,000 in 2012.

Housing starts are forecast to rise about 8% to 630,000 from 583,000 in 2011.

With falling inventory, the median home price should rise in 2012, he said.  “Home prices have yet to show a definitive stabilization pattern in most areas. Still, given an over-correction in prices, there likely will be moderate appreciation in 2012,” Yun said.

Richard Peach, senior vice president at the Federal Reserve Board of New York, said the economy continues to disappoint. “Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level.”

He promoted moving foreclosures by giving incentives to military servicemembers.

“My idea is to allocate certificates to 2.5 million service members who served in Afghanistan and Iraq that could be used as a down payment on a foreclosed home in the Fannie or Freddie portfolio,” he said.  This would help to absorb the inventory and stabilize the housing market.

Five Great Things about Homeownership!

 If you’ve been on the fence about homeownership, now is the time to take a leap! Don’t let the negative press deter you from one of life’s greatest joys.

 

Take a look at five short and sweet reasons that homeownership is great!

1. Equity. When you pay rent, you never see that money again. It is lining the landlord’s pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today’s market.

2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.

3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it’s predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you’ll need to pay for the gutters to be cleaned, and so on.

4. Ownership: Okay, this is a given. Homeownership means you “own” your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart’s desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!

5. Great Deals: It’s a great time to buy. Interest rates are at historic lows. We’re talking 4.0 percent instead of 6.0 or higher. This means big savings for today’s buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a downpayment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.

Homeownership can be a real joy. It’s time to get off the fence and into a home that is right for you!

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http://www.tampabayrealestate.idxco.com/i/6653/Safety_Harbor_Fl_Homes_Over_300000_Under_400000

69.6% of Americans say housing will influence their 2012 vote

Nov. 9, 2011 – Candidate positions on housing will be important considerations to 69.6 percent of Americans in the 2012 presidential and congressional elections, according to a new survey released by Move Inc., the oversight company of Realtor.com. This is especially true for Millennials (70.7 percent), the next generation of homebuyers.

According to the survey, 81.7 percent of Americans consider housing a critical piece of the national economic recovery. Nearly three quarters of Americans (73.1 percent) believe conditions for buying a home a year from now will be the same or worse than today, while 23.2 percent expect homebuying conditions to improve.

Helping homeowners avoid foreclosure remains a top housing priority for the next president’s first 100 days in office. One in three (30.9 percent) Americans today think helping homeowners avoid foreclosure should be the next president’s priority in the first 100 days in office. Keeping interest rates low (26.4 percent) ranked second and making more affordable mortgage credit available (14 percent) placed third.

However, views are mixed when it comes to increasing or decreasing the role of government in housing. One in three Americans (31 percent) said the role of government in housing should remain the same as it is today, while one in five (21.3 percent) said it should be increased. Forty-two percent said government’s role in housing should be reduced, especially Americans ages 35 to 64 (56.7 percent). Just over two-thirds (67.4 percent) of Millennials said the president and Congress should reduce or keep the role of government in housing the same.

Other survey results:

• While 27.3 percent of Americans plan to buy a home in the future, only two percent plan to purchase in the next 12 months, and 23.1 percent say they’ve delayed purchasing a home because of the real estate market in their area.

• Three factors – uncertainty about future prices, concern about the economy and jobs, and difficulty saving for downpayments – are causing buyers to delay their purchases, effectively reducing near-term demand.

• 55.1 percent of Americans postponing a home purchase lack money for a downpayment or closing costs. Some 52.5 percent said they’re concerned about their jobs or lack confidence in the economy as a whole. Half (53.1 percent) are waiting for home prices to stabilize or increase. More than one third (34.6 percent) said their inability to get credit or find affordable credit is a reason why they’re waiting to buy.

• Perceptions on affordability have deteriorated in the past 18 months. In March 2010, 45.4 percent said they thought a median income family could afford more than half (50 percent) of the homes for sale in their neighborhood. Today, only 32 percent said they think median income families can afford more than half.

• The number of homeowners who delayed selling a home (17.5 percent) has not grown in the past 18 months, and actually declined slightly (-1.7 percent), which suggests the pending supply of ‘visible’ homes is showing signs of stabilization. However, more homeowners ages 35 to 49 (22 percent) and those making $40,000-$49,000 a year (21 percent) said they’ve delayed selling their home in the past year as compared to other respondents. This may indicate growing families in need of more space are having a difficult time moving up as a result of today’s market conditions.

• Today’s homeowners are less tempted to sell in response to incremental price increases than they were in 2009. Price increases in June 2009 of 20 percent or less would have motivated 61.6 percent of homeowners to sell. Today, however, price increases of 20 percent or less would motivate 55.4 percent. Based on the survey, a 5 percent increase in prices today would motivate 11.7 percent of owners to sell their home.

• 61 percent of those who plan to buy a home say they’d be first-time homebuyers, and 76.6 percent are Millennials. Large majorities of Americans – Millennials included – believe their family must be happy in their home (94.1 percent), that they are very picky when it comes to finding a home (80.3 percent), and that their home defines them; it’s part of who they are (75.1 percent).

• Millennials and older Americans have different perceptions. While 40.9 percent of Millennials think they should spend 30 to 60 percent of their gross monthly income on housing, older Americans (56.4 percent) said they plan to spend less than 30 percent.

• 61.9 percent of Millennials think of their home as a place to live, compared to 24.8 percent who think of their home as an investment. Almost all Millennials (95.3 percent) say they think of their home as a place where they can retreat from the world and relax.

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