Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

I've blogged before about the benefits of homeownership.  Much of the benefit is derived from stabilizing neighborhoods, improving schools and helping area businesses.  Home ownership is an investment but not always just a financial one.  I found the article below an interesting one about a recent survey in homeownership and thought that I would share.  All real estate is regional and the Tampa Bay area may display different characteristics.   Nevertheless, you might be intereted in the results.  Read on.

Current housing market doesn’t affect decisions on homeownership

NEW YORK – June 14, 2011 – The month of June is the most popular month to move, with 12 percent of moves each year occurring this month alone, according to the U.S. Census Bureau. That means almost 40.5 million Americans will move in the next few weeks.

The results of the first-ever TheNest.com 2011 Real Estate Survey found that a majority of couples currently renting (62 percent) plan to buy within the next three years. The survey also found that approximately half of couples rent currently (49 percent), while the other half own (51 percent).

To get behind the reasons for buying (or not buying), TheNest.com surveyed more than 1,400 women who bought or rented their current home with their partner.

“With 86 percent of renting couples planning on purchasing their first home within the next five years, we really wanted to get to the bottom of what motivates people to buy or continue to rent,” says Carley Roney, editor-in-chief of TheNest.com. “This tell-all survey … reveals everything from what pressures a couple encounters during the buying process to how long they wait to buy and why, and delves into relationship issues that arise during the search.”

TheNest.com Real Estate Survey highlights:

• Housing market not a factor. Only 2 percent of those currently renting said they were waiting to buy until the housing market recovers, and the vast majority (98 percent) have other reasons to wait. One reason? Saving for a downpayment. Approximately one-third (36 percent) of renters are in the process of saving for a downpayment, holding off their search until they are fiscally ready to buy. Another third of renters (32 percent) are waiting to buy until they know where their family will settle for the long term.

• Couples found a home faster than they planned. Approximately one in five home-owning couples (22 percent) allocated three months or less to finding a home, but almost half (46 percent) found their home in less than three months.

• Women lead the search. Whether renting or buying, one in three women (35 percent) took the lead in finding a couple’s home, compared with 11 percent of men.

• Majority believes real estate is still a good investment. A large majority – 92 percent – of those surveyed believes that real estate is still a good investment; however, one in three couples no longer consider owning a home part of the “American Dream.” Keeping up with the Joneses also comes into play, as 14 percent of couples say they felt pressure to buy a home because many of their friends are homeowners.

• Budget is the most important factor. Staying within budget when searching for a place was a key factor for both partners, with more than 83 percent of couples agreeing it was very important to them. Out of the 28 percent of couples who argued during their search, approximately one-third of them (37 percent) argued primarily about their budget and finances.

• Compromise happens. More than half (58 percent) of couples compromised on the place they ended up choosing. For some couples (42 percent), they were small compromises, and all their major wants and needs were met. For others (14 percent), said there were large compromises, such as choosing a “starter home” and opting to wait until their next move to get all their major requirements.

• Biggest surprise? How much it all costs. One in three couples (37 percent) were surprised by how much the process actually cost including all fees and other expenses. The second most surprising factor? How stressful the experience was, with one in four couples listing that as their No. 1 surprise.

© 2011 Florida Realtors®