You’re not ready to make a home?
A new survey of more than 1,000 American homeowners says it’s time to reconsider, and the good news is, it doesn’t take a genius to figure out which one is right for you.
Read More , according to the Associated Press.
“A lot of people are choosing to build more homes and the homeownership rate is falling,” said Robert Miller, a professor of architecture at the University of Michigan.
The survey found that a large majority of homeowners surveyed had completed some kind of construction work in the past year, but only about 15 percent of them were willing to sell their homes.
Many of those homeowners also cited the need for a stable income as their biggest concern.
Many homeowners are also finding it more difficult to pay off the mortgages that they’ve built, which is putting upward pressure on house prices.
The median price of a typical home is currently around $300,000.
However, that number can rise to over $600,000 if the median home value falls below $400,000, according to Realtors.com.
“There’s no way to know if the price you pay will go up, or if the housing market will remain stagnant,” Miller said.
“There’s an urgency to find a solution, and it’s not just about what’s on the market, but what’s in the market.”
Some homeowners are taking a different approach, but some say they’re not the only ones who are.
According to the study, 75 percent of homeowners who live in the South say they want to build a home, but are reluctant to do so because of the cost of construction.
However in the West, only about 10 percent of people surveyed in the Midwest said they want a house and only a third of those who live there are willing to take on the construction.
Some homeowners in the Southeast say they’ll take the project if the cost is reasonable, but most are hesitant to sell because of uncertainty over how they’ll pay for the mortgage.
“It’s not a good time to be a homeowner,” Miller added.
“People are going to be hesitant to buy.
They’re going to look for a way out.”
The study is based on responses from 2,000 homeowners, and only 1,700 of those responded on Wednesday.