The economic downturn that ended in the nation’s not-too-distant past might have prevented many Americans from pulling the trigger on high-dollar financial transactions; however, as the recession fallout fades, some consumers just might pursue homeownership with renewed vigor. That seems particularly true of younger consumers who may not have been in a position to buy years ago, according to a new survey from Prudential Real Estate.

Today, the vast majority of consumers between the ages of 25 and 44 say that owning a home some day is at least somewhat important to them, the survey found.

In all, 96 percent of all consumers feel this way. But 77 percent of those aged 25 to 34, and 78 percent of people between 35 and 44, say it’s “very important.” Further, 74 percent say that the current levels of affordability lent by historically low interest rates mean that now is a great time for them to buy a home.

Ceramic Home Model

“Millennials and Generation X — about 85 million people strong — face a unique opportunity in U.S. housing,” said Earl Lee, chief executive officer at HSF Affiliates LLC and president of Prudential Real Estate. “They are generally optimistic about homeownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest.”

Consumers Share Cautiously Optimistic Outlook

Also revealed in the survey was that 63 percent of those polled indicated that they currently view the real estate market in general in a favorable light, with people in the relatively younger demographic displaying a more enthusiastic view than their older counterparts.

The number of people who thought about jumping into the real estate market but ultimately decided not to buy or sell a property last year climbed upward 10 percent during the last six months of 2012 when compared with the end of the second quarter.

People checking out the homes for sale in San Diego and many other cities across the U.S., however, remain understandably cautious about diving head first into the real estate market even with all of the evident recovery signs, improvements and good sentiments, the report said.

A total of 62 percent of those in the survey said they are not having much success when it comes to obtaining the necessary financing from lenders than they would have before the economic downturn, and 72 percent want to have a trusted partner in their lender.

It’s believed that more buyers will continue entering the market in the next year at least, driven largely by interest rates and prices that have remained extremely low when compared with historical norms.

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This is filed under National Markets.


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