I met some of the folks from the NAHB Research Center a couple months ago and they supplied some very interesting survey results about people who want to own homes but are on the sidelines.

Noteworthy, qualifiying survery takers state that they want to purchase a home but are waiting for some key things to change. These bullet points are direct from the publication.

• Improved Housing Market 
• Economy becomes more stable
• Personal financial outlook improves

Addressing the first bullet point, I think what this means for a lot of people is that they are expecting prices to go lower. My own perspective is that the housing market is improved (meaning the market is headed back to historical valuations). Home prices and homeownership rates were absurdly high several years back and now, by multiple measures, is in one of the most affordable periods in a decade or more. Interest rates are also low so it really depends on your personal parameters.

Second, a lot of good decisions are made during unstable economic times. A lot of bad decisions are made during boom times but are temporarily covered up as they are bouyed by the whole market. When there are fewer buyers, lots of sellers and a sense of fear, one can really get a deal, but you need to do your homework and have pre-established risk parameters.

This third point is difficult. Getting some cash in reserve is important. Some sellers can work the closing costs into a deal but some short sellers are just plain out of money and can't make a consession. There are plenty of other homes in the Las Vegas Valley that can be had for at or below equivelent rent, so if you are renting a nicer place, you might consider doing some calculations about price per foot and whether or not you could use more space, tax deductions on mortgage interest, property taxes, HOA fees and associated amenity benefits, SID's, the $8,000 first-time home buyer tax credit and the possibility of renting out the extra room. Depending on your personal requirements, buying may result in a net positive benefit. If not, keep your status the same.

This survey was pretty inclusive, so expect more excerpts and commentary later!