For the second quarter of 2016, 74 percent of people believe that now is a good time to buy a home, while 61 percent believe that now is a good time to sell a home, according to NAR’s quarterly Housing Opportunities and Market Experience report.
The majority of all ages surveyed feel that now is a good time to purchase, but those who are not yet homeowners were slightly less sure, thanks to the rising home prices. However, nearly 80 percent of current homeowners believe now is a good time to purchase. Those 65 and older were the most confident that now is a good time to purchase, with 78 percent, compared to only 65 percent of millennials. Not surprisingly, the more income a participant made, the more likely they were to think now is a good time to purchase.
The Midwest was the most confident region, with 79 percent deeming now a good time, while suburban areas agreed more than urban or rural areas, with 76 percent.
Confidence in now being the time to sell a home increased 5 percent compared to the first quarter of this year. Those 55 to 64 had the strongest showing in now being a good time to sell a home, with 69 percent agreeing, compared to just 53 percent of millennials. Once again, those with the highest income were most likely to think now is a good time to sell.
As for regions, the West has the most confidence that now is the time to sell, according to 71 percent of them, while suburban areas agreed more than urban or rural areas, with 66 percent reporting that now is a good time to sell.
However, rising home prices are not lost on consumers. Fifty-three percent of participants believe that prices have increased within their communities, an increase of 3 percent from the first quarter. Forty-eight percent of people said that prices will stay the same in their communities for the rest of 2016, while 45 percent believe they will see a price increase in homes in their communities.