Sunday, December 5, 2010
Potential home buyers still weary
Potential home buyers of today are still impacted by the housing crisis of two years ago, as demonstrated by their unwillingness to take advantage of low prices in the housing market. Home buyers are afraid to buy because they believe the housing market is too fickle. Prices are decreasing substantially, and some buyers are still holding out for lower prices. The apprehension to buy is a combination of two factors: the hope that prices will continue to decrease and the fear of an unaffordable mortgage. These factors have obvious implications within the housing market, but they also have implications for the entire US economy.
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I feel that as people become more comfortable in their household incomes they will be more willing to start buying again. It should be taken into consideration that many households suffered from one of two spouses being laid off and so while the housing market would be great to take of advantage right now it's just not possible financially.
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