A slim majority of Americans want the federal government to do more to help homeowners with troubled mortgages, according to a recent survey conducted by Yahoo Real Estate.
There's been a significant loss of wealth and “homeowners are seeking some relief from the federal government,” said Rusty Weston, Yahoo Real Estate's managing editor, who presented the survey results during a real estate technology conference ongoing in New York City. Meanwhile, most shoppers in the market for a home want properties outfitted with advanced energy efficient technology and green features.
According to the national survey of 1,500 homeowners and renters conducted in October, 51% believe the government should take additional steps to help distressed borrowers, compared to 27% who said the government should not. The remaining 22% responded that they either didn't know or had no opinion. In addition, one-third of the respondents said they knew a person who's been through a foreclosure.
Amid the upcoming election cycle, the respondents said Congressional and White House politics will have a mixed impact on the housing market. When asked about the impact each of the two major political parties will have on housing, 32% of respondents said Democrats will have a negative impact, 35% said the party will have a positive impact and 33% said no impact. When asked about Republicans, 39% of respondents said the party would have a negative impact, 27% said a positive impact and 34% said no impact.
In addition, 43% of respondents said the upcoming presidential election will have a “large influence” on the housing market, while 36% said it will have a “small influence.”
“Homeowners said they want government assistance, but they don't have faith in the political parties to do something about it,” Weston said.
An overwhelming 92% of respondents said they were either “very satisfied” or “somewhat satisfied” with where they currently live and 27% said they were currently in the market to purchase a home. In addition, 81% said homeownership is still a part of the American Dream and 74% said home ownership is a good investment.
When considering their future home purchases, current homeowners expect to spend a median of 25% more on their next home purchase than what they expect to sell their current home for.
Despite wanting to spend more, most buyers are taking a quality over quantity approach; preferring homes outfitted with energy efficient features over the large “McMansion” floor plans that were popular in the past.
“The dream home is changing because consumers are looking for green homes,” Weston said.
In the survey, 50% of respondents said their dream home would include green or energy efficient materials or appliances, while only 11% said they wanted a “traditional mansion” and 9% who said they wanted a “castle or castle-style” home.
The survey found that while homebuyers previously associated “green homes” as those fitted with solar panels, rainwater catchers and other features, the term has become less extreme, with homebuyers calling homes with efficient windows and appliances “green.”
The desire for a green house is bolstered by the consumer perceptions that energy efficient houses are symbols of status and luxury. According to the survey, 68% of potential buyers of green houses are already living in single-family homes. “They're not necessarily first-time homebuyers,” Weston said.
