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
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 (55 percent).
For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce