3% of Homeowners Are Planning on Putting Their Primary Residence on the Market in the Next Three Months
As for Buying a New Primary Residence, Only 2% of Homeowners Plan on Doing So in the Next Three Months
International Communications Research (ICR) conducted a study to understand the impact of today’s housing market on homeowners’ ability to pay their mortgage or taxes and to assess plans for selling/buying a new primary residence over the next three months.
The following findings are based on a random probability telephone sample of 800 homeowners interviewed between September 6 and September 10, 2007 using ICR’s EXCEL omnibus. The margin of error around this sample of 800 is +/- 3.5% at a 95% level of confidence.
Highlights
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Overall, 9% of homeowners surveyed say they are having difficulty paying their mortgage or taxes
-- 20% of homeowners with household incomes of under $25,000 report having difficulty paying their mortgage or taxes
-- Regionally, 12% of homeowners in the Northeast report having difficulty paying their mortgage or taxes followed by 10% in the North Central Region (South: 9%; West: 6%)
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While only 3% of all homeowners surveyed say the debt they have against their primary home (mortgage and home equity loans) exceeds the value of their home, among homeowners with incomes between $25,000 and $50,000, this percentage is 8%; this finding is four times higher than any other income group
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Based on the survey data, don't expect much activity on the home selling and home buying market over the next three months
-- Only 3% of those surveyed plan on putting their house up for sale in the next three months; this percentage is highest in the North Central Region (5%) and lowest in the West (less than 1%); Northeast: 4%; South: 2%
-- Only 2% of homeowners surveyed plan on buying a new primary residence in the next three months; regionally, it is 3% in both the South and West and 1% in the Northeast and North Central
About ICR’s Excel Omnibus
EXCEL is a national, twice-weekly telephone omnibus service designed to meet the standards of quality associated with custom research studies. The EXCEL survey consists of a standard set of introductory and demographic questions supplemented by a changing series of questions on various topics as contracted by participating companies. http://www.icrsurvey.com/Omnibus.aspx
About International Communications Research (ICR)
International Communications Research (ICR), based in the Philadelphia suburb of Media, PA is a top-ranked and nationally recognized market research organization in the business-to-business and consumer markets. Through its research in the U.S. and globally around the world, ICR provides consulting and research insights to its clients on a wide range of issues including branding, market segmentation, customer and employee satisfaction, loyalty, advertising, public relations, multicultural and ethnic marketing, social science, public policy and many others. For more information, please contact International Communications Research (ICR) at 484-840-4300 or www.icrsurvey.com