More than three-quarters of Americans believe now is a good time to both sell and to buy a home.
According to NAR’s 2017 Q3 Homeownership Opportunities and Market Experience Survey, 77 percent reported now is a good time to buy a home, with nearly half believing it “strongly,” a 5 percent increase from the previous quarter and this time last year as well. Meanwhile, 78 percent reported now is a good time to sell a home, a 7 percent increase from last quarter.
Sixty-four percent believe home prices have rose in their communities in the past year, and increased from both the past quarter and last year, while 30 percent think prices have stayed the same. Six percent believe home prices have decreased in the past year.
In the next six months, 41 percent think home prices will stay the same in their communities, while 53 percent believe prices will rise, and 6 percent reported they think they will decrease. Among renters, 59 percent think prices will go up, an increase of 8 percent from the last quarter.
As for mortgages among non-homeowners, 32 percent think it would be “very difficult” to qualify for a mortgage, while 28 percent believe it would be “somewhat difficult.” Thirty-six percent believe saving for a down payment would be “very difficult,” while 30 percent believe it would be “somewhat difficult.”
Fifty-seven report believe the economy in the U.S. is improving, a 3 percent increase from the past quarter, and 9 percent up from this time last year.
More than half of respondents anticipate rent will go up. Of renters, 44 percent said they will relocate, move in with a roommate or move with family if their rent goes up. Fifteen percent will consider homebuying if rent increases.