While the real estate market starts its slow recovery many people are still losing their homes or recovering from the effects of foreclosure. Here to talk about the new attitudes toward home ownership is real estate expert Nick Krautter from Keller Williams real estate and Sellpdx.com
Q. How are home ownership rates looking right now?
A. Home ownership rates are at a 15 year low right now but still 65% of people are home owners. The peak was in 2005 at 69%
Q. When you talk about changing attitudes toward home ownership what are the big changes you’re seeing?
A. There are many people who after going through the housing crisis are not planning on owning ever again. This attitude is not dependent on the interest rates or economics of owning vs renting. There will also be a delay of at least 2 years for people that had to sell via a short sale and 7 years for people that had a foreclosure or bankruptcy.
Q. Do you think that renting will be the more popular choice in the coming years?
A. I don’t think so. Trulia did a recent survey that said that 78% of people currently renting want to buy and that’s up from last year.