15 Apr Consumers Are Growing Cautious As The Housing Market Recovers
A recent survey conducted by Fannie Mae has discovered that 65% of homeowners and renters believe that there is still some value in owning a home despite a harsh economic climate and an unpredictable job market.
The overall lesson from the survey was not that Americans see home ownership as a less attractive option but that they will be much more cautious and hesitant in their future buying decisions.
I don’t think that we will see the death of the “American Dream” but a more cautious and responsible approach in obtaining that dream.
A big difference in the way consumers are buying has to do a lot with their values. Americans are increasingly becoming more concerned with long-term stability instead of short-term happiness. Unfortunately, this has been a hard lesson for consumers and businesses alike.
The leading considerations for buying a home today are both personal safety and quality schooling for children, not high investment yields.
The upside to this survey is that 70% of respondents say that buying a home right now is an opportune time. The problem is that many feel that isn’t as safe as it has been in the past. The deals are out there, but the question is justification and safety.
While this might not paint a complete picture of consumer’s attitudes, it’s a good indication of where we are going and what we must face. As marketers, we need to realize that we will be facing a ton of doubt and hesitation once people re-enter the housing market. We need to do our best to address these concerns up front instead of leaving them to question. If we can answer important questions before we meet with buyers, we can increase our odds for that meeting and interaction.