Realtors will tell you that the market is improving. But what exactly changed to drive American’s back to the real estate market? Americans’ outlook on the economy is improving and they’re ready to make more purchases, especially regarding real estate. The latest Pulte Group Home Index Survey discovered 67% of the 1,004 adults surveyed say they plan to purchase a home in the upcoming future.
Overall, the two main drivers to buying are the need for more space and the view that owning a home is a smart financial investment.
The survey found that the most engaged consumer segments are the Millennials and move-up buyers. 85%of Millennials and 71% of move-up buyers say they intend to purchase a home in the future, according to the index. 50% of those aged 55 and older said they’re looking to purchase a home in the future.
70% of home shoppers say they intend to spend more—or as much—money on their next home, not only to increase the size of the home but also to upgrade the finishes. 64% say they prefer to spend more on a home that’s move-in ready, rather than spend less and then renovate a home.
“For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that these positive changes may be sustainable,” says Margaret Gramann, senior vice president of sales for Pulte Group, Inc. “This favorable outlook is giving them the confidence to pursue more meaningful, big-picture life opportunities they may have otherwise put on hold.”
Source – Pulte Group