More Say Now Is A Good Time To Sell A Home

Dated: August 10 2019

Views: 124


HOME Survey: More Say Now Is a Good Time to Sell a Home

  National Association of Realtors logo (PRNewsFoto/National Association of Realtors)

NEWS PROVIDED BY

National Association of Realtors 

Jun 19, 2019, 10:10 ET


WASHINGTON, June 19, 2019 /PRNewswire/ -- The latest consumer findings from a National Association of Realtors®survey reveal that many more Americans believe that now is a good time to sell a home.

The second quarter of 2019 saw a jump in optimism in selling, as 46% strongly held that belief, up from 37% 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."

An increased number of Americans also think that now is a good time to buy a home, and of those respondents, 38% answered that they strongly believe that notion, and 27% 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.

NAR's second quarter Housing Opportunities and Market Experience (HOME) survey1 also took a look at consumer attitudes regarding the nation's economy. Fifty-five percent of those polled said that the economy is improving; that is 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.

Yun said Gen Xers might have more financial pressures compared to other age groups. "Many in the Generation X population find themselves needing to purchase multi-generational homes. 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," he said.

To that point, 63% of those polled said they 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. 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% 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 to qualify.

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."

About NAR's HOME Survey
From April through June, a sample of U.S. households was surveyed via a random-digit-dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,708 household responses.

The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

1NAR's Housing Opportunities and Market Experience (HOME) survey tracks topical real estate trends, including current renters and homeowners' views and aspirations regarding homeownership, whether or not it's a good time to buy or sell a home, and expectations and experiences in the mortgage market. New questions are added to the survey each quarter to reflect timely topics impacting real estate. HOME survey data is collected on a monthly basis and will be reported each quarter. New questions will be added to the survey each quarter to reflect timely topics impacting the real estate marketplace.

Information about NAR is available at www.nar.realtor. This and other news releases are posted in the newsroom under the "About NAR" tab. Statistical data in this release, as well as other tables and surveys, are posted in the "Research and Statistics" tab.

SOURCE National Association of Realtors

Related Links

http://www.nar.realtor

Blog author image

Steven Halen

I have a passion for helping people and I specialize in seeing possibilities. I listen until I understand exactly what you want and then I deliver results, period. Whether negotiating your dream prope....

Want to Advertise on this Site?

Latest Blog Posts

Is Buying A Home Today A Good Financial Move

Is Buying a Home Today a Good Financial Move? There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for

Read More

This Is The Salary You Need To Afford The Average Home In Your State

This Is the Salary You Need To Afford the Average Home in Your State Lia Sestric Wed, October 28, 2020, 5:00 AM MSTBefore you buy a home, it’s important

Read More

FirstTime Home Buyer Confessions

First-Time Home Buyer Confessions: 'How We Beat 32 Offers and Got the House'By Clarissa Buch | Oct 21, 2020 Julie MigliacciFirst-time home buyers have it harder today than ever.

Read More