Strengthened by a healing housing market, home owners have an optimistic outlook.
A whopping 79% of us think home ownership is an essential part of the American dream, says a recent LendingTree survey.
Additionally, 76% of home owners said they’re confident that when they’re ready to move up to a new home, they’ll be able to sell their current home, obtain a mortgage, and afford a down payment despite the recent recession and housing market crash.
Of those surveyed, slightly more than half believe the housing market will take 12 months or less to recover and only 19% are postponing a home purchase or sale because of a weak housing market.
“Low rates, affordable home prices, and a recovering housing market have created a unique window of opportunity for potential home buyers. The good news is that the housing market is steadily improving and upcoming lending regulations will hopefully provide the clarity needed for lenders to have renewed confidence,” said Doug Lebda, chairman and CEO of LendingTree.
Consumer confidence is even stronger when it comes to home loan refinancing with 89% of those surveyed being confident that they will be able to refinance their mortgage with only 11% of being uncertain.
One in three surveyed had already refinanced their current mortgage, 28% still plan to do so, and a remaining third are unsure of their plans to take advantage of the historically low interest rates.