The National Association of Realtors (NAR) 2017 National Housing Pulse
Survey reports 84% of respondents believe buying a home is a wise financial
decision. The NAR president summarized the findings: "Building
equity, wanting a stable and safe environment and having the freedom to choose
their neighborhood remain the top reasons to own a home." The
survey also revealed buyers need to be educated about down payment options: 40%
think they have to put at least 15% down. Black Knight reported total
"tappable" (lendable) equity increased $695 billion in the last year.
The chief economist at property information firm CoreLogic says "the
market continues to benefit from improved economic growth." Their CEO
adds, "the rebound in the U.S. housing market continues to gather
steam." A national listing site found that the biggest homeowner
regret was not choosing a larger home, while the biggest renter regret was
continuing to rent instead of buying. Credit scores are rising, as the
national average FICO score hit 700 for the first time in history. FICO's vp
for scores and analytics said a 700 score is considered "very good
credit." Better credit scores can get buyers more favorable mortgage
terms.
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