Existing home owners looking to purchase a better or larger home are slowly coming back into the housing market, real estate and mortgage professional
s have said.
The assertion is supported by a recent Mayflower report, which showed 47% of Americans are more comfortable purchasing a home now than at any time in the past five years, and nearly a third are planning to move house.
Among those who indicated they were interested in finding a new home, the survey found the desire for a new or better home was their leading motive.
“Move-up” buyers coming back into the market is a true sign of housing recovery and economic growth, sources said.
Inventory should expand as existing home owners put their homes on the market while giving prepared first-time buyers a chance to live in a suitable home.
Home prices are likely to stabilize as more inventory comes on the market, as well. The housing market will become a less competitive one as a larger, more diverse set of sellers return.