Tuesday
July 29, 2014

Americans Ready to Spend on Real Estate Again

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Americans Ready to Spend on Real Estate Again

Americans’ outlook on the economy is improving and they’re ready to make more purchases, especially regarding real estate, according to the latest PulteGroup Home Index Survey. Sixty-seven percent of the 1,004 adults surveyed say they plan to purchase a home in the future; 32 percent of which are looking to buy within the next two years.

The survey found that the most engaged consumer segments are millennials and move-up buyers. Eighty-five percent of millennials and 71 percent of move-up buyers say they intend to purchase a home in the future, according to the index. Fifty percent of those aged 55 and older said they’re looking to purchase a home in the future.

Overall, the two main drivers to buying are the need for more space and the view that owning a home is a smart financial investment, according to the survey.

Seventy percent of home shoppers say they intend to spend more—or as much—money on their next home, not only to increase the size of the home but also to upgrade the finishes. Sixty-four percent say they prefer to spend more on a home that’s move-in ready, rather than spend less and then renovate a home.

"For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that these positive changes may be sustainable," says Margaret Gramann, senior vice president of sales for PulteGroup, Inc.  "This favorable outlook is giving them the confidence to pursue more meaningful, big-picture life opportunities they may have otherwise put on hold."

Source: PulteGroup Inc.

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