A Good Time To Sell

Are you Flirting with the Idea of Selling your Home?

The National Association of Realtors second quarter Housing and Market Survey found that 71% of homeowners believe that now is a good time to sell. This is a 10% increase from this time last year when 61% of homeowners believed then was a good time to sell.

This increase is likely attributed to the rises in home prices. Though homeowners confidence in selling has increased there is still a gap between their confidence and actually listing their home for sale. One factor stopping homeowners from actually listing their home is that they are content where they are. Low housing turnover is at the root of the supply shortage and affordability issue we have in the market today. Other factors preventing homeowners from selling are they are building their equity or they have low confidence about buying a new home after selling. For now there is still an inventory shortage in the market but this increased homeowner confidence in selling could translate into creating more inventory later in the year.

70% of those surveyed believe now is a good time to buy and 43% strongly believe now is a good time to buy.
42% believe that homes are affordable.
49% believe a higher income in necessary to afford to buy a home.
20% have considered moving to a more affordable community.
29% of those surveyed under the age of 34 have considered moving to a more affordable community.

Renters confidence regarding homebuying fell from 62% last year to 52% this year. Renters feel discouraged from continuing to pay rent year after year and watching home prices continue to rise.