Current homeowners that were waiting for the raising prices to moderate, from the latest consumer findings show that many more Americans believe that now is a good time to sell their home.
The second quarter of 2019 saw a jump in optimism in selling – 46% strongly held that belief, up from 37% in the first quarter.
The fact that home prices have increased only moderately are a contributing factor for the reason a majority feel that now is a good time to sell. As the current home price appreciation is slowing, home sellers understand that the days of large price gains from holding an extra year are over.
An increased number of Americans also think it’s a good time to buy a home, and of those that responded to the survey, 38% strongly believe that trend to be true, and 27% said they somewhat believe it. Thirty-five percent disagreed, however, saying it’s not a good time to make a home purchase, which is unchanged from 2019’s first quarter.
NAR’s second quarter Housing Opportunities and Market Experience (HOME) survey also looked at consumer attitudes regarding the nation’s economy, and 55% said that the economy is improving; up from 53% in the previous quarter.
Second quarter optimism was greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty-three percent of Gen Xers said they believe the economy is improving, which is also up from 50% last quarter.
Respondents were also asked to share their thoughts on future home prices in their neighborhoods, and 43% percent believe prices will remain the same in their communities over the next six months, a figure which is consistent with the previous quarter; 49% expect to see a price increase.
Among those surveyed who do not currently own a home, 27% said they believe it would be very difficult to qualify for a mortgage due to their financial state; 30% said it would be somewhat difficult.
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.
Randy Doell Realtor®
New 🏡Construction Specialist
Berkshire Hathaway HomeServices FLPG
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