How the Recession Has Caused Americans to Re-examine the Value of Their Home

“There’s no doubt that housing has been in the eye of the economic storm,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “However, our work with Dr. Ludwig underscores that Americans remain bullish on homeownership and have not forgotten the inherent, emotional reasons that make our homes precious to us – in tough times or not. People are simply and rightly being more mindful about what they need and what they can afford, and are more carefully considering when to become homeowners.”

The survey strongly indicates that people are re-evaluating their needs vs. wants when purchasing a home. Ninety (90) percent of U.S. adults agree that some people purchased more expensive homes than they should have before the recession. Meanwhile, 86 percent of Americans agreed that people are more closely evaluating how much home they can truly afford now, compared to before the recession
Written by: Tracey C. Velt