Financial instability why qualified buyers don’t buy

sjones@thesunnews.comMay 30, 2014 

Existing Homes Sales

AMY SANCETTA — AP file photo

People in all income categories said financial instability is the main reason they don’t buy homes even when they are qualified to do so, according to a survey by RateWatch, which provides banking data and analytics service to lending institutions.

“It’s understandable that someone making less than $25,000 a year doesn’t feel like they can afford a home, but it’s shocking that someone who makes over $150,000 a year feels equally poor,” said Debra Borchardt, market analyst for TheStreet, which owns RateWatch. “Higher home prices could be a good reason why, with homes hitting record high prices and inventories hitting a low.”

Financial instability ranked at the top of a list of why 527 people said in a survey they aren’t buying homes, according to MarketWatch.

Other findings:

• 81 percent of current home owners have no plans to buy a different house.

• Men are significantly more likely than women to be aware of refinancing options. Even with that, 47 percent of men choose not to refinance vs. 37 percent of women.

• Interest rate is the most important factor in choosing a lender, followed by monthly payment and term length.

• Women are more likely than men to check their credit scores first, then contact a Realtor and find a house. Men are more likely to find a house, search for rates and then contact a Realtor.

Contact STEVE JONES at 444-1765 or on Twitter @TSN_sjones.

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