Home Ownership Remains a Top Priority for Many Americans
There are some useful statistics in this recent press release from the National Association of Realtors®.
Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released by the National Association of Realtors®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.
Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong majority (71 percent) believe a 20 percent down payment requirement could have a negative impact on the housing market.
“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors® are strongly urging regulators to go back to the drawing board on the proposed rule.”
Defining the QRM rule is important because it will determine the types of mortgages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20 percent down will have to choose between higher fees and rates today – up to 3 percentage points more – or a 9-14 year delay while they save up the necessary down payment.
Over half – 51 percent – of self-described “working class” home owners as well as younger non-college graduates (51 percent), African Americans (57 percent) and Hispanics (50 percent) who currently own their homes reported that a 20 percent down payment would have prevented them from becoming home owners.
Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two percent of respondents cited these as the top obstacle, followed by having confidence in one’s job security.
The survey also found respondents were adamantly against eliminating the mortgage interest deduction. Two-thirds of Americans oppose eliminating the tax benefit, while 73 percent believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.
“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” said Phipps. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to current programs or incentives don’t jeopardize our collective futures.”
When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.
The 2011 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,250 adults nationwide, with an oversample of interviews of those living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
NAR’s Housing Opportunity Program, www.realtor.org/housingopportunity, was created in 2002 to encourage local Realtor® associations to create initiatives that help increase housing opportunities available to consumers and make affordable housing more readily available in their communities.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Dodsworth and the Duck in the Shop
As noted in a previous post, Tim Egan, Rodeo Realty’s graphic designer, is also a successful author and illustrator of 16 children’s books published by Houghton Mifflin Harcourt.
If you have children, or are just looking for a good chuckle, check out the books at: http://www.amazon.com/Dodsworth-Rome-Tim-Egan/dp/0547390068/ref=pd_sim_b_4 . You can also visit: http://www.timegan.com/
Here’s another one of Tim’s animated shorts. He did all of the artwork and digital animation.
Buying a Home After a Short Sale
Featured Home of the Week – Northridge Hacienda
This is the first time this 4,505 square foot hacienda-style home in Northridge has been on the market in more than 50 years. Situated on one of the largest lots in the area, the 6 bedroom 5.25 bath home was originally built in 1938.
Rodeo Realty Calabasas Office Grand Opening
On Wednesday (June 22, 2011) Rodeo Realty opened a new 12,000 square foot office at 23901 Calabasas Road #1050 in Calabasas, California.
Similar to the Beverly Hills office grand opening on June 16th, attendees were treated to an evening of gourmet hors d’oeuvres and wine tasting from company owner Syd Leibovitch’s favorite wineries including: Justin Winery; Flora Springs Winery; Silverado Vineyards; and Chateau Ste. Michelle.
It has been a busy couple of weeks of grand openings. Again, thank you to all who attended, organized and worked at these events. Here’s another fun collage from the Calabasas festivities. There are more photos from the event, but these will give you a taste of the celebration. Enjoy!
Rodeo Realty Beverly Hills Office Grand Opening
Last night (June 16) Rodeo Realty hosted a grand opening celebration for its new 13,000 square foot office at 202 N. Canon Drive in Beverly Hills 90210. The evening began with Beverly Hills Councilmember Lili Bosse, and representatives of the Beverly Hills Chamber of Commerce, doing a ribbon cutting ceremony with company founder and owner Syd Leibovitch.
Hundreds of attendees were then treated to an evening of gourmet hors d’oeuvres and wine tasting from Syd Leibovitch’s favorite wineries including: Justin Winery; Flora Springs Winery; Silverado Vineyards; and Chateau Ste. Michelle.
Thank you to all who attended, organized and worked at the event. Here’s a fun collage from the night’s festivities. Enjoy!
Survey About Home Ownership
The National Association of Home Builders (NAHB) recently released the results of a national survey about attitudes towards home ownership. Here are some of the results:
An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home, said NAHB’s press release.
Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher.
Other survey results include:
•Homeownership and a retirement savings program are considered by voters to be their best investments.
•80% of home owners would advise a close friend or family member just starting out to buy a home.
•Saving for a down payment and closing costs is the biggest barrier to home ownership.
•Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.
To view slides on the poll, please go to www.nahb.org/VoterPoll
This national survey of 2,000 likely 2012 voters was conducted May 3-9, 2011 by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C. It has a margin of error of +2.19%.
OpenHouse LA Air Dates for Pacific Palisades Architectural Home
A few weeks ago we mentioned that OpenHouse LA filmed one of Rodeo Realty’s $15 million listings in Pacific Palisades. Here are the air dates locally and nationally. Make sure to check it out, because this house is amazing!
NBC Los Angeles (Channel 4):
Saturday, 6/11/11 @ 7:00 PM
Sunday, 6/12/11 @ 4:00 PM
Other airdates where this episode is scheduled to air are in the following
cities and NBC stations. These are the usual broadcast times in those
markets however it’s always a good idea to double check local listings.
NBC New York (WNBC) – OHNYC (ONLY LOCAL VERSION)/Sundays @ 8:30 am
NBC Philadelphia (WCAU) – NATIONAL/Saturdays at 10 am
NBC Chicago (WMAQ) – NATIONAL/Sundays at 10:30 am
NBC Bay Area (KNTV) – NATIONAL/Sundays 3 pm
NBC Dallas/Fort Worth (KXAS) – NATIONAL/Sundays at 11 am
NBC Washington (WRC) – NATIONAL/Saturdays at 7 pm
NBC Miami (WTVJ) – NATIONAL/Sundays at 7 am
NBC San Diego (KNSD) – NATIONAL/Saturdays at 4:30 pm & Sundays at 6:30 am
NBC Connecticut (WVIT) – NATIONAL/Sundays at 6:00 am
The Ferrari F430 Spider
Elias said he did it to promote himself and the company. He’s proud of the Ferrari F430, proud of working for Rodeo Realty, and says so far the mobile ad campaign is paying off in the form of solid real estate leads and business.