Is 2019 the right time to sell your house? A recent NAR survey found that most homeowners are answering this question with a resounding “Yes.” This could mean that the US housing inventory will get a much-needed boost.
The Results of the NAR Survey
The National Association of Realtors (NAR) recently released the results of their 2019 Q2 Homeownership and Market Experience (HOME) Survey. 73% of those surveyed said they believed now is a good time to sell a house. This percentage was an increase compared to the 65% who held the same belief in Q1 of 2019. Those who were “strongly” optimistic about home selling prospects came in at 46%, up from 37% in Q1.
These results are likely due to the recent real estate trend of dropping prices. Property owners who have been toying with the idea of selling are likely hoping to make the most profit now before home prices fall any further.
Lawrence Yun, NAR Chief Economist, weighed in:
With home price appreciation slowing, home sellers understand the days of large price gains from holding an extra year are over.
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While it was a commonly held fear that the lack of US housing inventory would make it difficult to sell and buy another property, that fear may be eased now as 2019 continues and more sellers enter the real estate market, increasing the inventory.
Is 2019 the Right Time to Buy a Property?
According to the same survey, yes. 65% of those surveyed said that now is a good time to buy (similar to how many held this belief according to the Q1 2019 survey), with 38% strongly agreeing with this sentiment.
With the increasing US housing inventory, the national seller’s market may be easing as housing market forecasts predicted earlier this year. If you are looking to buy an investment property in 2019, start your search with Mashvisor.
Other Key Results of the NAR Survey
It seems that the increase in optimism in the US housing market for both property sellers and buyers has to do with increasing confidence in the economy. 55% said they believed the US economy was improving, according to the survey.
The lowering of mortgage rates is also to thank. Only 27% of those surveyed said that they believed it would be difficult to qualify for a mortgage as first-time homebuyers. Yun commented on the mortgage rates, saying:
Lower mortgage rates, along with job and wage growth, will lead to an increase in sales and thereby contribute positively to economic growth in the upcoming quarters.
This trend of mortgage affordability is forecast to continue throughout 2019, meaning more home sales are likely to follow.
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