More than three-quarters of people reported they think now is a good time to sell a home.
According to NAR’s 2018 Q3 Homeownership Opportunities and Market Experience Survey, this is the highest percentage since the survey’s inception in 2015. However, the percentage of consumers that think now is a good time to buy has dropped to a survey low, at only 63 percent.
Over the past year, 70 percent of people reported that they believe home prices have risen within their areas, an increase of 2 percent from the second quarter. A quarter believe prices in their communities have remained the same, and 5 percent believe they have seen a decrease. Fifty-three percent think home prices will rise over the next six months, while 41 percent believe they will remain the same. As for availability, 56 percent said the number of homes for sale in their neighborhood over the past six months has remained the same, while 23 percent said more homes are now available and 15 percent said less homes are now on the market.
When looking for a home, proximity to friends and family was the most important feature, according to respondents, followed closely by proximity to jobs and proximity to schools of choice. Seventy percent said that highly-rated schools are important in their home search.
And those who do not yet a home, more than half, 59 percent, believe it would be very or somewhat difficult to obtain a mortgage in their current financial situation.
However, Americans are feeling more optimistic on the economy than they were last quarter. Sixty percent reported the economy is improving, up 2 percent from the second quarter.