A strengthening economy has more Americans ready to buy a house, according to a new study. The latest PulteGroup Home Index Survey found that 67% of those questioned plan to purchase a home and of those, 32% plan to buy a house within the next two years.
“For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that those positive changes may be sustainable,” said 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.”
This certainly paints a rosy picture for the U.S. housing market moving forward and is a far cry from where we were just a few years ago.
Here’s more from the survey: The most optimistic respondents were Millennials and “move-up” buyers. Of Millennials, 85% said they intend to buy a house in the future; while for move-up buyers, 71% said they plan to purchase a more valuable home at some point.
The prevailing reasons among respondents for wanting to buy a home were, first that more space will eventually be needed; and, perhaps most critically, that owning a home is again a good investment strategy.
Here’s more from Gramann:
“Whether it’s a first-time or move-up buyer, or an active adult, purchasing a home is a major life decision and Americans are recognizing the importance of maximizing what they view as a long term investment,” Gramann said. “They’re aiming to create value in a home that meets their specific wants and needs from day one, and if that means spending more money, they’re willing to do so because of confidence in the market.”
All of this is certainly encouraging news for all involved in the real estate market.