New Survey: It’s a Great Time to Buy a Home
Enthusiasm and optimism on homebuying remains vibrant, according to the new TD Bank Spring Home Lending Survey.
In a national poll of 1,819 homeowners who purchased a home in the last 10 years and had a mortgage, 84 percent of respondents said it was either a good or very good time to buy a home, while 53 percent of respondents said they were either “somewhat, very or extremely likely” to purchase a new home in the next one to three years.
When it comes to buying, the primary concerns for buyers in this survey were low inventory (28 percent), qualifying for a mortgage despite a low credit score (23 percent) and qualifying for a mortgage despite current income (18 percent). Financial literacy remained a challenge, with 24 percent of respondents stating they were unaware of things they can do prior to applying for a mortgage that will help the process go more efficiently.