Boomerang buyers back, good sign for housing market
Posted on Monday, August 5, 2013 at 4:00:29 PM
As 2013 progresses, more homeowners who were part of a short-sale or foreclosure are buying again, a sign that many are acquiring residential financing again and getting back into real estate.
According to real estate consulting firm John Burns, one in 10 home buyers this year are classified as boomerang buyers, having previously encountered foreclosure or bankruptcy. The strengthening economy and housing sector has helped, according to the Minnesota Star Tribune.
"People are starting to find out that they can get back into homeownership, and they're rebuilding their life, credit and equity," Realtor Rebecca Brown told the news source.
Thanks to better jobs and more opportunities, some former homeowners are using their financial savvy to find ways back into the market. In addition, more real estate agents are contacting former owners, since buying is a solid possibility once more, The Star Tribune noted.
Consumer sentiment has shifted, as well, according to recent data released from the National Association of Realtors. The survey found that 80 percent of Americans think buying a home is a good idea, and many renters state ownership as a top priority.
"Homeownership matters to Americans who consistently realize the many benefits it provides to communities, families and the nation's economy," said NAR President Gary Thomas.
Overall, residential financing has become an option for many people looking to buy again.