If current owners were expecting rising prices to moderate, it’s time to move. NAR’s latest survey finds 46% believe it’s the best time to sell. The latest consumer findings from a National Association of Realtors® (NAR) survey demonstrate that more and more Americans feel that now is the best time to sell a home.
Homeowners Think It’s the best time to Sell
The second quarter of 2019 saw an increase in optimism in selling – 46% strongly held that belief, up from 37% in the first quarter.
NAR’s chief economist Lawrence Yun states that home prices have gone up only moderately and are a contributing factor for the reason a majority believe that now is the best 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,” he says.
An increased number of Americans also feel it’s a good time to purchase a home, and of those respondents, 38% strongly are convinced that notion, and 27% said they moderately 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 investigated consumer attitudes with regards to the nation’s economy, and 55% asserted the economy is improving; up from 53% in the previous quarter. Second quarter optimism was greatest among those who earn $100,000 and up and those who live in rural areas. Fifty-three percent of Gen Xers said they feel the economy is improving, which is also up from 50% last quarter.
Yun said Gen Xers could possibly have more financial pressures when compared with other age groups.
“Many in the Generation X population find themselves needing to purchase multi-generational homes,” he says. “Also, they may be feeling financial stress from caring for aging parents and children of all ages. Nonetheless, they have an optimistic outlook about the future.”
To that point, 63% of Gen Xers believe home prices have increased within their communities in the last 12 months, a slight jump from the first quarter’s 61%.
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 that do not currently own a home, 27% said they feel it would be challenging to qualify for a mortgage because of their financial state; 30% said it would be somewhat difficult.
Yun said that mortgage affordability was promising over the second quarter, and he predicts 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.”
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