Thirty percent of potential homebuyers plan to purchase a home in the next 18 months, according to Insights: From the Mind of the Homebuyer, a survey released by Chase Mortgage Banking this morning. The survey, which included phone interviews with more than 1 thousand Americans between the ages of 25 and 65, also revealed some key information on homebuyer concerns, motivating factors, and more. According to the survey, three of every 10 potential homebuyers intend to purchase a home in the next 18 months, and 62 percent think now is a better time to purchase than last year.
Rising rent costs also played a role in motivating potential homebuyers, with 20 percent of buyers saying purchasing a home was a better value than paying a monthly rent. An additional 20 percent said upgrading from their current home was their motivation for buying. The survey also revealed insights into homebuyers’ concerns and challenges. Seventy percent of those surveyed said they thought they may have missed their opportunity to buy already, as home prices are increasing. Another 56 percent were concerned with finding properties within their price range.
U.S. home prices for February were up by 4.6 percent year-over-year and 0.7 percent for the month, according to a home price index report released by Black Knight Financial Services on Monday. This is the largest monthly gain in home prices since June of last year. The report also revealed that the national HPI level is now just 9 point 5 percent shy of its all-time high of $268,000 reached in June 2006. The HPI currently sits at $242,000.