Seven Out of 10 Renters Say Owning a Home is a Top Priority

Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong majority (71 percent) believe a 20 percent down payment requirement could have a negative impact on the housing market.

“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors are strongly urging regulators to go back to the drawing board on the proposed rule.”

Defining the QRM rule is important because it will determine the types of mortgages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20 percent down will have to choose between higher fees and rates today – up to 3 percentage points more – or a 9-14 year delay while they save up the necessary down payment.

Over half – 51 percent – of self-described “working class” home owners as well as younger non-college graduates (51 percent), African Americans (57 percent) and Hispanics (50 percent) who currently own their homes reported that a 20 percent down payment would have prevented them from becoming home owners.

Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two percent of respondents cited these as the top obstacle, followed by having confidence in one’s job security.

The survey also found respondents were adamantly against eliminating the mortgage interest deduction. Two-thirds of Americans oppose eliminating the tax benefit, while 73 percent believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.

“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” said Phipps. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to current programs or incentives don’t jeopardize our collective futures.”

When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.

The 2011 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,250 adults nationwide, with an oversample of interviews of those living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.

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New Season of HGTV’s ‘Real Estate Intervention’ Offers Dallas Homeowners Fresh Advice For Home Sales

HGTV’s popular series Real Estate Intervention will return for a new season on Tuesday, June 14, at 9 p.m. ET/PT to help families in Dallas as well as Philadelphia and San Francisco sell their homes in today’s real estate market. During the show, Realtors Mike Aubrey, Richard Kuhr and Julie Provenzano will offer valuable advice and candid feedback to homeowners that are trying to sell. While the Realtors take the unsuccessful home sellers on a tour of similar properties and help them assess the competition, professional home-stager Cora Sue Anthony will redesign the home’s common areas to create a polished—and profitable—home makeover.

In the premiere episode, the Yoshimura family needs to sell their condo that’s been on the market for three years. After Richard expresses to Cora Sue the issues involved with selling the home including an outdated kitchen, animals in the bedroom and lack of organization within the home, they decide to tackle the project and give a new found character to the home.

After a review of the homeowner’s real estate challenges and a tour of other for-sale homes in the neighborhood, Richard advises them to reduce their price in order to get the property sold. Meanwhile, Cora Sue steps in to organize the home, rearrange the furniture and create a more cohesive space that will appeal to potential buyers. After adding splashes of color to the walls, natural elements and enhancing the home’s vintage detail, the Yoshimura’s are confident in their new space and ready to place it back on the market for the appropriate price.

In a future episode, viewers meet the Goldies, who have accumulated lots of belongings over the years due to the growth of their family. Cora Sue comes to their rescue and creates a sense of order, making their home more appealing to potential homebuyers.

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June 4-5 is National Open House Weekend

Warren Buffet says be fearful when others are greedy and greedy when others are fearful. Folks at the National Association of Realtors hope you lose a little fear. In order to help, they're hosting a national open house weekend June 4-5.

During the weekend, Realtors® will hold open houses in local neighborhoods throughout the country. During the weekend Realtors® will be on hand to provide guidance and insights into the social and financial benefits of home ownership.

According to a recent nationwide Pew Research Center survey, eight in 10 adults agree that buying a home is the best long-term investment a person can make. In addition, a strong majority of renters -- 81 percent -- said they would prefer to one day buy a home, demonstrating the value Americans continue to place on home ownership.

Find Open Houses in Dallas