According to a Bankrate Inc. poll released on Monday, the biggest factor in whether or not renters convert to buyers is not the fear in market trends/ falling property values but the fact that they simply cant afford to buy.
The poll of about 1,000 adult (which is not a huge number, but we get the point) taken nationwide, concluded that less than 2% of renters were concerned with declining property values. Nearly 40% said that they just didnt feel that they could afford to purchase, 12% said that their credit history wasnt good enough to buy a home and only 13% of those polled said they were purchasing soon.
For those who currently have mortgages, 57% had fixed-rate loans, 9% had adjustable-rate mortgages and the other 34% did even know what type of financing they had! For more poll results, click here or visit Bankrate.com.
If you are a renter and are just in the initial stage of debating a purchase, I urge you to talk with a mortgage consultant to see what exactly your options are based on your credit, income and long-term plans. You may be surprised with the financing options available to you and the different plans that can help you rebuild your credit!