According to Fannie Mae’s 4th Quarter National Housing Survey(Oct.-Dec. 2011), ” two-thirds of renters surveyed said they hope to buy a home in the future — a trend that subsists across all education levels and demographics.”
Here’s more info:
This is a trend we are definitely seeing here locally in King County as inventory levels lower than the median price continue to decline. I have several clients looking to buy their first home running into multiple offer, highest-bidder situations.
We are seeing all the signs of a residential real estate market in transition. Here’s a graph showing the absorption of inventory in King County below $300,000. This number is up 101.3% over the same time a year ago.