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Americans think time is right to buy a home

January 21, 2011 - Most Americans think now is the time to pack their moving boxes and purchase a new home.

A new Gallup poll showed 67 percent of Americans consider the current market favorable, calling the present a "good time" to purchase a new home. That percentage was close to past surveys in April 2010 and April 2009, when 72 and 71 percent of respondents, respectively, said it was a good time to buy. It also compared favorably to the period of time considered to be housing's boom, from roughly 2006 to 2008, when between 52 and 58 percent of buyers considered the market favorable.

"Overall, there is good reason for most Americans to think now is a good time to buy a house. Interest rates remain near historic lows. Home prices are down sharply, providing many incredible buys," said Dennis Jacobs, the firm's chief economist, who added high levels of inventory give relocating families plenty of homes to choose from.

A separate survey by Weichert Realtors showed the affordability of today's housing market has been the main catalyst for many homebuyers. Twenty-eight percent told surveyors "favorable financing" convinced them to buy a home in 2010.
 

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