The latest consumer findings from a National Association of Realtors survey reveal that more Americans believe that now is a good time to put their home on the market.
The second quarter of 2019 saw a jump in optimism in selling, as 46 percent strongly held that belief, up from 37 percent in the first quarter.
NAR’s chief economist Lawrence Yun notes that home prices have increased only moderately, and says that is a contributing factor as to why the overwhelming majority feel that 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,” Yun said.
An increased number of Americans also think that now is a good time to buy a home, and of those respondents, 38 percent answered that they strongly believe that notion, while 27 percent said they moderately believe the present is a good time to buy.
Thirty-five percent disagreed, stating that now is not a good time to make a home purchase, which is unchanged from 2019’s first 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 percent last quarter.
Respondents were also asked to share their thoughts on future home prices in their neighborhoods. Forty-three percent said they believe prices will remain the same in their communities over the next six months, a figure which is consistent with the previous quarter.
Forty-nine percent said they expect to see a price increase in their communities over the coming six months.
Among those surveyed who do not currently own a home, 27 percent said they believe it would be very difficult to qualify for a mortgage due to their financial state; 30 percent said it would be somewhat difficult to qualify.
Yun said that mortgage affordability was promising over the second quarter, and he predicts this trend will continue.