When will the Housing Market Recover in Harrisburg, PA? A recent survey reveals some surprising results of what Americans believe about the housing market and how quickly it will recover. Trulia.com, a top real estate website, and RealtyTrac.com, the top online marketplace for foreclosure properties released the somewhat startling results last week that gives a glimpse into the minds of Americans' attitude toward the current housing market crisis.
When Will the Housing Market Recover?
The first item the survey addressed is exactly when Americans believe the housing market will recover from its current crisis. The results are revealing of how much faith Americans put into our current real estate situation.
Year - % of American adults who believe the housing market will recover:
Already Recovered - 5%
2011 - 10%
2010 - 13%
2013 - 24%
2014 - 12%
2015 or later - 22%
These results are revealing of how we view the current real estate crisis. In fact, over half of Americans believe it will take two years or longer for the real estate market to recover from its current situation. This certainly shows most people are ready for a long and possibly bumpy road until the housing market returns to an optimal level. I have compiled some Tips for Sellers, as well as some Tips for Buyers. These may help buyers and sellers in the market today with some advice that they may not normally consider.
Would You Walk Away from Your Mortgage?
Almost half (48%) of homeowners who have a mortgage said they would consider walking away if their mortgage was underwater. This figure is up from a similar survey released in May 2010 which showed only 41% would consider this a viable option.
An interesting aspect of this survey is men reported they were much more likely to walk away from their mortgage than women. Of the men surveyed, 57% said they would consider walking away from their mortgage, while only 40% of women reported they would consider this an option.
Calling in the Reinforcements
In lieu of walking away from a mortgage, the survey also showed two-thirds of home owners would consider Calling a Lender in an attempt to modify the current terms of their mortgage as their first option. Ten percent said they would actually have a tenant move into their home in an attempt to recover their mortgage.
As this survey shows, a majority of Americans believe we may be in for a longer than expected ride as we wait to see when will the housing market recover. For some who are in the midst of struggling with their mortgage, the survey also shows nearly half of Americans believe they might walk away if they were in over their heads. While others would also consider a mortgage modification or some other creative means to restore their mortgage.
This is a great time to buy for certain people. Just because we are not sure of when the housing market will recover, this does not mean that you should wait for it to get better. If interest rates rise, then the difference in your interest payment will more than outweigh the potential decrease in values, yet. For more questions or information, contact me (Ken Huebsch, Prudential Homesale Services Group) @ 717 514-1793 or Ken@KensHomesales.com
Harrisburg PA Real Estate Expert
Ken Huebsch: Your premier real estate agent in the Greater Harrisburg area. I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown. My wife Leslye and I have a combined 40+ years' experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you. We are dedicated professionals and are here for your success.
For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call. Also, check out what our fabulous clients have to say about us on our testimonials page!
Cell: (717) 514-1793 Email: Ken@KensHomesales.com
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