Why the Housing Market is Experiencing "Buy Shy" And Its Implications On Home Value

If you are looking to buy a home, it is important to keep up with the current trends of buyers currently in the market -- it can help you find incredible deals. If you are trying to sell your home and wondering where all the buyers have gone to, you certainly need to equip yourself with knowing the economic landscape potential buyers have to navigate these days, and how you can best position yourself in front of them. Here is an article that pinpoints a lot of factors that explain the current level of wariness experienced by so may hopeful homeowners.

If you are a hopeful homeowner looking in the Houston area that needs some questions answered about how to have a successful home buying experience, give us Lauri Kent a call or email Lauri Kent at Lake Conroe Realty Now. Lauri also searches for incredible homebuying values in the Greater Houston market, and showcases some great value homes on Lauri's Super Affordable Real Estate Finds.

RISMEDIA, October 12, 2010--Nearly two-thirds of Americans say the current economic situation is making them less likely to buy a house, according to a new national survey by FindLaw.com (http://www.findlaw.com), a popular legal information website.

Sixty-three percent of American adults say they are less likely to buy a house because of the current state of the economy. Despite record-low mortgage rates and an abundance of houses available on the market, only 8 percent of people say the current economic situation makes them more likely to buy a house. About a quarter of people – 28 percent – say they are neither more likely nor less likely to buy a house because of the economy.

In particular, the current economy is driving lower-income individuals and families out of the market. People with annual incomes less than $50,000 were significantly more likely to say they are less inclined to buy a house than people with higher incomes.

"The current economic situation has greatly changed the dynamics of the housing market," said Stephanie Rahlfs, an attorney and editor with FindLaw.com. "Although mortgage rates are near record lows, stricter lending requirements are often making it more difficult for many people to obtain mortgages. High unemployment rates are raising concerns about housing appreciation, affordability and foreclosures. Together, these factors are causing many people to shy away from the idea of buying a house. Buying a home, selling a home and owning a home are all becoming more complicated, and it's important to know the ins and outs of contracts, finances and your rights as a buyer, seller or owner."

Free Internet resources such as the FindLaw Real Estate center (http://realestate.findlaw.com/) can provide helpful information on buying, selling and owning a home, including obtaining a loan, borrowers' rights, finding the best mortgage, homeowners' rights, avoiding foreclosure and more. It also has useful information for renters, including negotiating a lease, tenants' rights, and fair housing and discrimination laws.

The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.