New findings from
the National Association of Realtors® show that a record high 77 percent of
Americans believe that now is a good time to sell a house, while those that think
now is a good time to buy continues to decline.
NAR’s third quarter Housing Opportunities and Market Experience
(HOME) survey also found that a majority of consumers believe prices have and
will continue to rise, while the quality of schools is a critical factor in
deciding whether or not to buy a home.
Half of all Americans strongly believe now is a good time to
sell (compared to 46 percent last quarter), while 27 percent moderately believe
this is the right time (29 percent last quarter). Respondents in the West are
the most likely to think now is a good time (85 percent) as are those who
currently own a home (82 percent). Only 22 percent believe that now is not a
good time to sell, down from 29 percent in the second quarter.
Optimism that now is a good time to buy has declined slightly
from last quarter. Sixty-three percent of respondents either strongly or
moderately believe that now is a good time buy compared to 68 percent last
quarter. Among renters, positive feelings about purchasing continue to fall,
dropping from 49 percent in the second quarter to 45 percent this quarter.
Optimism is highest among older U.S. households (65 or over) and those with a
household income of more than $100,000 a year (70 and 68 percent respectively).
NAR Chief Economist Lawrence Yun says several consecutive years
of strong home price growth are enticing homeowners to consider selling.
“Though the vast majority of consumers believe home prices will continue to
increase or hold steady, they understand the days of easy, fast gains could be
coming to an end. Therefore, more are indicating that it is a good time to
sell, which is a healthy shift in the market.”
Respondents were also asked about their view of home prices in
their neighborhoods. Seventy percent believe that home prices have gone up in
their area in the last 12 months, up from 68 percent in the second quarter.
Fifty-three percent also believe that home prices will continue to increase in
their communities in the next six months; this is down from the last quarter
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce