While home sales have slowed following the expiration of the first-time homebuyer credit, a new survey shows that many potential buyers are just waiting for the right opportunity.
According to a new survey conducted by Relocation
.com, of the 60 percent of people moving into a rental unit, nearly a quarter of them were previous homeowners who had simply chosen to rent while they looked for a new home, RISMedia reports.
"While the housing market continues to flux from month to month, we're seeing strong, continued interest as consumers looking to move start their research with us," the company's chairman and founder, Sharon Asher, told the site. "These findings suggest that more Americans may be poised to re-enter the housing market this year."
In addition, many of those surveyed said that they were looking for a relocation option within their current community - where they were already familiar with the schools and other neighborhood attributes.
One of the biggest issues keeping potential buyers on the sidelines may be their inability to save for a down payment. A survey earlier this month by Trulia
found that 47 percent of renters said they could be swayed to purchase a home in the next year if they could save enough money for the down payment.