Monday, September 6, 2010

Turning Renters Into Home Buyers

According to a recent study by, 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 time line further than many have predicted.

However, in the same study we learned a few things renters said would make them buy sooner. So, if you have any renters on the fence, here are some signs that they may be ready to buy:

  1. Save for the down payment: Almost half of the respondents said they would be ready to purchase sooner than later, if they could only come up with the cash for a down payment. Ideally they want to become a home buyer as soon as possible.
  2. Get a new job: Almost 30% agreed that a new job could be enough of a push to buy a home and stop renting.
  3. Other Factors: Several factors were cited by buyers as things that would push them off the fence to buy a home sooner than they had otherwise planned.

Also included in the study are easy to understand graphics that you can include in your listing or buyer presentations to share what is going on in the real estate market today. For example, the study also found that 91% Americans’ ideal home size is less than you'd expect.

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