When it comes to the right time to buy a home, I trust the consumer’s point of view every bit as much as the so-called housing experts. After all, the consumer has skin in the game.
That is why a fourth-quarter 2016 survey by the National Association of Realtors may be especially worthy of consideration by those contemplating the purchase of a home this year.
According to the NAR survey, 78% of those they questioned said “now is a good time to buy a home.” That included 57% of all people currently renting. Sixty-two percent of those surveyed said now is a good time to sell a house, including 67% of people who currently own a home. A relatively low number of homes currently on the market, combined with a bit of pent-up demand, is causing price increases in popular markets. Indeed, 55% of those surveyed said they had seen prices rise in their communities over the last year. And, finally, 44% of those who were asked said they thought home prices would increase over the next six months; 47% said that prices would stay the same.
In short, the public thinks the current environment is both a good time to buy and sell a home. You can almost hear the sound of real estate agents across the nation rubbing their hands together in glee.