Americans Bullish on Buying, Selling – NAR Study

Americans are confident in the housing market and their ability to buy or sell successfully, according to the National Association of REALTORS® recently reported, 2019 fourth quarter survey.  74% of Americans felt optimistic regarding selling, while 63% were confident in home-buying.  According to the report, 73% of the Silent Generation (WWII) and 70% of younger boomers are most likely to think now is a good time to buy a home.  82% of those who earn $100,000 or more and own their home are most likely to think that now is a good time to sell a home.

64% of Americans believe home prices rose in 2019, NAR’s research shows. When asked their outlook on prices, 48% believe they will increase in the next six months, while 41% believe they will remain unchanged.

According to NAR’s newest research, 52% of Americans believe the economy is positively progressing. Lawrence Yun, chief economist at NAR, feels that economic gains have lifted positive sentiment. In December, the Labor reported that the economy generated 145,000 jobs and earnings rose 2.9% in 2019.  Affordability has improved, additional NAR research reveals.

“The mobility rate has been very low as many have opted to stay put for longer,” says Yun. “However, this latest boost—Americans saying now is a good time to move—is good news. With mortgage rates low, the timing is indeed ideal for those who want to enter into homeownership and for those looking to move on to their next home.”

At the start of the year, the average 30-year fixed mortgage rate sank to 3.64%, according to Freddie Mac.

            Same message as last week – take advantage of the timing and put your home on the market sooner rather than later. Same goes for buyers. Call us 631 765 5333!

Sources: National Association of Realtors, HOME Survey – Housing Opportunities and Market Experience, January 2020.  RISMedia, Suzanne De Vita, January 14, 2020.