Americans See Home Buyer’s Market

April 26, 2011

gallup-time-to-buy-house-apr-2011.JPGAmericans continue to see a buyer’s market in housing, according to an April 2011 Gallup poll. Sixty-nine percent of respondents say now is a good time to buy a house, essentially unchanged since 2009.

Current Trend Repeats ’03-’05

Historical Gallup data shows that many Americans also thought it was a good time to buy between 2003 and 2005, when housing prices were increasing and getting financing was relatively easy. Those attitudes began to change in 2006 as some homebuyers began to realize a housing bubble was taking shape in local markets across the country.

Men, Westerners, Wealthy Most Enthusiastic

gallup-time-to-buy-house-region-apr-2011.JPGMen (74%) are about 16% more likely to see now as a good time to buy a home than are women (64%). Those living in the West are the most likely to hold this view (75%), 17% more than those living in the South (64%). Americans making $75,000 or more a year (86%) are 18% more likely to see 2011 as a good time to buy a home than those making $30,000 – $75,000 (73%), and 72% more likely than those making less than $30,000 (50%).

Expectations for Home Prices Up from Recent Past

gallup-home-prices-apr-2011.JPGAmericans’ expectations for home prices in their local markets are slightly better now than they were in January. Currently, 30% of Americans say home prices will increase and 28% say they will decrease in the next year.

This is also better than the situation in 2008 and 2009, but a far cry from housing price expectations in prior years, when the majority expected prices to rise. For example, in 2005, 70% expected their home price to grow and only 5% thought it would fall.

Pew: 8 in 10 See Home as Best Investment

Despite a five-year period of depressed home prices, eight in 10 (81%) of US adults still say home ownership is the best long-term investment a person can make, according to previously released data from the Pew Research Center. Forty-four percent somewhat agree with that statement and 37% strongly agree.

About the Data: Results for this Gallup poll are based on telephone interviews conducted April 7-11, 2011, with a random sample of 1,077 adults, aged 18 and older, living in the continental US, selected using random-digit-dial sampling.

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