Sellers - Buyers Upbeat
Hopefully will lead to an increase in inventory and more buyers,
Home prices are climbing across the country, and that has made homeowners more bullish when it comes to the prospects of selling.
Seventy-five percent of more than 2,700 households recently surveyed say it’s a good time to sell a house; 68 percent say it’s a good time to buy, according to the National Association of REALTORS®’ second quarter Housing Opportunities and Market Experience (HOME) survey.
“Hopefully this strong seller optimism will lead to an increase in inventory later on in the year,” says Lawrence Yun, NAR’s chief economist.
Fifty-five percent of consumers say they believe that home prices will continue to increase in their communities over the next six months, up from the previous quarter (53 percent), according to NAR’s report.
In the second quarter, however, optimism for buying stayed stagnant. Thirty-nine percent of consumers strongly agree now is a good time to buy, while 29 percent moderately agree.
A decreasing number of renters are upbeat about buying, ping from 55 percent in the first quarter to now 49 percent in the second quarter.
Optimism for buying is highest among older buyers 65 or over, as well as those living in the South and Midwest regions, the report found.
“Inventory remains the driving force in real estate, affecting everything from rising prices to household formation,” Yun says. “Improving supply conditions is critical to improving buyer optimism and helping to remove some of the barriers holding back potential first-time buyers.”
Overall, consumers are more optimistic about the economy. Their optimism over the economy has also helped more consumers believe that they would have an easier time to obtain a mortgage.
Also, Homeowners and appraisers continue to close the gap between perceptions over home values in their area. Index shows that appraised values were just 0.34 percent lower than what homeowners expected in May.
A year ago, the gap between the appraiser and owner’s home price opinions was five times larger.
Still, home value perceptions vary quite a bit from city to city. “Real estate is incredibly local, from style preferences to the direction of the market—and everything in between.”
“Our hope is that this report can help homeowners realize that national headlines don’t always apply in their community. It’s important homeowners talk to real estate experts who have experience analyzing their community when they’re thinking of selling, or utilizing their home’s equity.”
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