According to the 2013 National Housing Pulse Survey conducted by the National Association of Realtors, renters are now showing an even stronger desire to own over renting. They still see the benefits and right now, with housing prices still relatively affordable and interest rates low, in many areas owning a home is cheaper than renting.
The survey showed that 80% of the 2,000 people surveyed believed buying a home was a good financial decision. Of those surveyed, 68% also said right now was a good time to buy.
One thing which has not changed are the main obstacles to home ownership such as saving up for a down payment, closing costs, and low wages and for many first-time buyers, student loan debt is a main pothole on the way to home ownership.
While student loans are touted as one of the big obstacles, you can get a mortgage even when you have student loans. Unpaid student loans might make it difficult to get mortgage credit, and high loans difficult to save for a down payment, but if your budget is large enough to cover both a mortgage and your loans, and your payments have all been made on time, go ahead and apply for that mortgage, your loans will not hinder your chances.
Naysayers and doom predictors are still preaching the end of the market (or the end of the world) and telling people “Don’t buy! The market is still going to crash” or that banks are playing games and inventory is being held to suddenly be slammed onto the market to deliberately raise prices. Even if true, what sense does it make to wait for some ambiguous future? You still need a place to live, prices are the lowest they have been but rising (according to even the doomsayers), interest rates are low…but rising, owning might be cheaper than renting… so how can it make sense to wait for the “perfect market”? If everything they say is true, locking in now might be the best thing for those who just want a longterm home and aren’t looking to turn over inventory for profit.
There has always been one truth in buying a home, the perfect market for a buyer is when the prices are good, inventory is available, interest rates are low, and the buyer can qualify for a reasonable purchase. Reasonable is the key, meaning the buyer keeps their own bridle pulled in to control the gait of their own financial ride.