The National Association of REALTORS conducted a recent market experience survey®. From January through March 2016, samples of U.S. households were surveyed to capture consumer responses and insight into homeownership, opportunities and market experience.
Buying and Selling
75% percent of people believe now is a good time to buy a home. 44% percent believe that strongly. Only 25% of people believe now is not a good time to purchase a home. With the increase in home prices, those renting or living with someone, those under age 34 and those in urban areas are less confident in making a home purchase, however the majority still believes now is a good time.
56% of those surveyed believe it is a good time to sell a home. 28% believe that strongly. The western markets are most likely to think now is the time to sell due to market values, but also the least likely to think now is a good time to buy.
Of those surveyed, 50% believe that their community home prices have increased in the last year. 29% believe they have stayed the same and only 11% have stated they have gone down. Those most likely to report increased prices are in western urban areas.
Location is Key
Over 1/3 of buyers surveyed stated they would prefer to live in a close-in suburb. The reports from younger buyers, those who rent or reside with someone else, are more likely to consider buying in urban areas.
Looking forward, 47% believe home prices will remain the same in the next 6 months. 44% reported they would increase in the next 6 months. Only 9% report a decrease in prices. In general, 48% of people believe the economy is improving and 60% believe that if they are under the age of 34.
Those surveyed in the western market, including Colorado believe that now is a good time to sell, reported increased home prices and believe they may increase over the next 6 months. These trends over the last quarter help to capture consumer outlooks for the market moving forward.
If you have questions regarding your local marke, reach out to CoListings, your local real estate experts.