Most Americans believe this is a seller’s market, according to recent data from the National Association of Realtors (NAR). According to the NAR Housing Opportunities and Market Experience, 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues to decline.
According to the report, around half of all Americans believe now is a good time to sell (compared to 46 percent last quarter). Another 27 percent moderately believe this is the right time to sell. Only 22 percent believe that now is not a good time to sell, down from 29 percent in the second quarter.
Additionally, most consumers believe prices have and will continue to rise. According to NAR Chief Economist Lawrence Yun, homeowners are are enticed to sell by by this continued price growth.
“Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end,” said Yun. “Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”
This seller’s market has put many off of buying. In July, the CoreLogic Market Condition Indicators found that 40 percent of metropolitan areas had an overvalued market, meaning home values were 10 percent below the sustainable level. According to a study from Pulsenomics and Zillow, this seller’s market is expected to last until 2020.
"For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market," said Zillow Senior Economist Aaron Terrazas. "Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger. Inventory is still falling on an annual basis, and home values are growing well above their historic pace. Although these trends are starting to lose their edge, it is far too soon to call it a buyers market."