RealtorMag reports a survey of 1,000 adults by Move Inc. reveals 27 percent of respondents say they plan to buy a home in the next two or three years, but only two percent intend to buy within 12 months. 23 percent are delaying the purchase over concerns for the real state market in their area as well as job security and the overall economy, while almost 35 percent say they cannot obtain affordable credit. “Perceptions as much as the realities of home ownership are standing in the way of boosting demand for housing,” Errol Samuelson, chief revenue officer of Move Inc., said in a statement. “Concerns that the economy will continue to put jobs at risk and that prices won’t rise near term are keeping buyers on the sidelines as much as the difficulty they’re having in getting credit or saving for down payments. Until these concerns are resolved, we expect both buyers and sellers to remain on the sidelines.” Two of five younger adults, termed the millennial generation, are willing to spend 30-60 percent of their gross income on housing, whereas over half of older Americans want to spend 30 percent or less on housing. Lenders often recommend spending 28 percent of gross income for housing, including principal, interest, and taxes.
