NAR Survey Says …

The National Association of Realtors (NAR) released its Homeownership Opportunities and Market Experience (HOME) Survey for Q3 2017 on Monday.

As for the overall outlook on the economy, 57 percent of the 2,709 respondents surveyed said they believe the U.S. economy is improving, up from 54 percent in Q2 2017. Of that number, 58 percent of those 45 to 64 years of age believe the economy is improving, as well as 63 percent of those living in rural and suburban areas.

The survey revealed that 77 percent of respondents said that now is a good time to buy a home and 48 percent believing that strongly. With 23 percent believing that now is not a good time to buy a home.

Four in five people who currently own a home, those over 55 years of age, those with incomes over $50,000, and those in the Midwest and South believe that now is a good time to buy a home.

According to the results, 78 percent of respondents believe that now is a good time to sell a home, an increase from 71 percent in Q2 2017 and 63 percent in Q3 2016. However, 22 percent believe that now is not a good time to sell a home.

In the West, 83 percent of respondents are most likely to think that now is a good time to sell a home. They conversely are also the least likely region to think now is a good time to buy a home.  

As for expectations for home prices in the next six months, 41 percent of respondents believe that prices will stay the same in their communities, according to the survey. While 53 percent say prices will increase in the next six months and only six percent believing prices will go down.

Among those who currently do not own a home, 32 percent believe it would be very difficult and 28 percent believe it would be somewhat difficult to qualify for a mortgage given their current financial situation.

In addition, 77 percent of those who make under $50,000 believe it would be at least somewhat difficult compared to 29 percent of those making more than $100,000.

To view the full data report, click here.