With historically low mortgage rates and steady job gains among young adults, all the pieces are coming into place for homeownership rates to rise. But have these factors influenced consumers’ opinions on the state of the housing market and their feelings about homeownership?
According to research from the National Association of REALTORS®, 78 percent of homeowners and 60 percent of renters think that now is a good time to buy. For potential homebuyers with good credit and a bit of money in savings, now could be a great time to make an offer on a home. However, with the lack of housing inventory keeping home prices high, many first-time buyers and those living in more expensive urban areas are hesitant about taking the plunge.
Take a look at NAR’s Housing Opportunities and Market Experience (HOME) Survey for data on consumers’ sentiments on the housing market. Talk with consumers in the community about the local housing market. Do they feel that now is a good time to buy or sell their home or are they planning to buy or sell? Speak with a REALTOR® in your city about the number of homes they have sold recently and how these numbers compare to past years.