Today Trulia hosted a quarterly conference call with Simply Hired discussing the results from our recent American Dream survey on attitudes toward home ownership. Government and industry experts agree: consumer interest in buying homes is an essential element of a healthy real estate market. However, 27 percent of renters indicated that they do not plan to buy a home - ever. Of those renters who do plan to purchase someday, 68 percent said it would be more than two years before they do. This reluctance to buy could potentially drag out the real estate market’s recovery timeline further than many have predicted.
“Large numbers of people delaying their plans to buy a home, or not planning to buy at all, could have an enormous domino delaying effect on economic recovery in the U.S.,” said Pete Flint, CEO of Trulia. “Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home. The government needs to focus more on job creation and job security, as well as stemming the foreclosure hemorrhage. Once that happens, the American public will once again have enough confidence in the real estate market and the economy, at large, to resume purchasing homes.”
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