School Location Still Key for Home Buyers

You may want to share more information with your clients about the school options near your listings. Buyers say it’s critical to their decision-making.

More than 75 percent of parents say their child’s education is an important factor in their search for home, according to a new survey conducted by Bank of America of 1,000 home buyers. 53 percent say they would buy a new home in a specific neighborhood to get their child into a better school.

Sixty-four percent of parents say that knowing the quality or ranking of nearby schools is extremely important to them before purchasing a new home. Also, 37 percent of parents say the school’s extracurricular reputation is also important in their decision.

View more data at Source: Bank of America

Surveys indicates Home Buyer “Urgency Improves”

More see now is a good time to buy! Home buyers may begin to jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon.

Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy.

“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, Fannie Mae’s chief economist. “With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice.” Is your local market concurring these forecast?

Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys. We recommend checking with a local lender for your qualifications, down payments and loan type.   

Source: “More Americans Think It’s Time to Buy a Home,” MSN Real Estate (April 9, 2012)