Good news from and for America’s homeowners.
Here’s a bit of good news that will warm your recession-weary hearts: a full 90 percent of homeowners are satisfied with their homes. Yes, in these days of sinking home values, rising foreclosures and a tough economy, most people have no regrets concerning the home they bought one, five or 10 years ago or longer.
Homeowner Happiness
A recent survey conducted for Bankrate.com has dispelled the notion that a significant number of Americans are unhappy with their homes. That survey has revealed just nine percent of homeowners are not happy but even that number is due to factors often beyond homeowner control.
What the survey conducted by Princeton Survey Research Associates International revealed were a number of surprises including:
- Ninety percent of homeowners say they don’t regret buying their home versus a mere nine percent who said they do;
- Among those who regret buying their homes, the most common reasons cited were because they cannot sell their home and move on along with those who say they regret their purchase since they can’t afford their monthly mortgage payments;
- Only eight percent of Americans don’t know what type of mortgage loan they have, down from 26 percent who didn’t in a Bankrate poll commissioned two years ago;
- Fixed-rate mortgages are rising in popularity with 79 percent of those polled saying they have a fixed-rate mortgage on their home;
- Wealthier Americans most overwhelmingly favored fixed-rate mortgages with almost 90 percent of those polled who make over $75,000 saying that their home was paid for with a fixed-rate mortgage.
Nasty Headlines
Greg McBride, CFA, senior financial analyst for Bankrate.com expressed surprise by the results of the survey and stated, “…all the nasty headlines in the past two years have really moved the needle in terms of mortgage awareness, with a significant drop in the percentage of borrowers who don’t know what type of mortgage they have.”
Clearly, in some markets dissatisfaction levels are much higher than the national norm and those markets including parts of California, Nevada, Detroit and Florida are regular news features. But some other markets including San Francisco and San Joses are showing signs of stabilization if not recovery.
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