Most Americans think now is a good time to purchase a home, but are hampered by employment and economic concerns, according to the "2009 National Housing Pulse Survey," an annual poll conducted by the National Association of Realtors.
Although home prices are significantly down across the U.S. from their housing-boom highs, many consumers don't feel they can take that leap of faith needed to buy a home.
Financial worries
A majority of Americans -- 83 percent -- say that that buying a home is a good financial decision. However, many consumers cite the high price of a down payment and closing costs and fears about job security as obstacles to homeownership. (Two-thirds of those polled say job layoffs and unemployment are big issues, while eight in 10 people say that layoffs and unemployment are barriers to homeownership.)
Meanwhile, other consumers say strict lending standards make buying a home difficult; seven in 10 say they doubt they would be approved for a mortgage, according to NAR. Also, 71 percent say that banks are making it harder to qualify for a loan and that the lack of mortgage options offered by banks makes buying a home more difficult.
So, while Americans recognize that today's low home prices make it a prime time to make a housing purchase, they feel they can't because of other financial concerns.
Readers: Does NAR's recent survey ring true to you? Do you think now's a good time to buy a home, but don't feel financially able to do so?—Lauren Baier Kim