The latest consumer findings from a National Association of Realtors survey reveal many more Americans believe now is a good time to sell a home. An increasing number of Americans also believe now is a good time to buy a home. The positive feeling many Americans have about the housing market is largely due to their attitude toward the economy, according to NAR’s second-quarter Housing Opportunities and Market Experience (HOME) survey.
The quarterly survey (which tracks real estate trends, renters and homeowner views and aspirations regarding homeownership, and expectations in the mortgage market) found 46 percent of those surveyed strongly believe now is a good time to sell a home, up from 37 percent in the first quarter of 2019. Seventy-three percent of people believe now is a good time to sell, while 27 percent say now is not a good time to sell. Those in the West (70 percent) are most likely to think now is a good time to sell a home.
NAR chief economist Lawrence Yun noted home prices have increased only moderately, and that is a contributing factor as to why an overwhelming majority of Americans feel now is a good time to sell. “With home price appreciation slowing, home sellers understand that the days of large price gains from holding an extra year are over,” said Yun.
The number of Americans who think now is a good time to buy a home also has increased. Of those respondents, 38 percent answered they strongly believe that notion, and 27 percent said they moderately believe the present is a good time to buy. Meanwhile, 35 percent disagreed, stating now is not a good time to make a home purchase, which is unchanged from the first quarter.
The optimistic feelings about buying and selling are attributed to positive outlooks on the economy. Fifty-five percent of those polled feel the economy is improving, up from 53 percent in the previous quarter. Optimism was greatest among those who earn $100,000 or more and those who reside in rural areas.
Yun said that mortgage affordability was promising over the second quarter, and he expects this trend will continue. “Lower mortgage rates, along with job and wage growth, will lead to an increase in sales and thereby contribute positively to economic growth in the upcoming quarters,” Yun predicted.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to [email protected]
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