A new survey by the National Association of Realtors found that 63% of those polled in Q3 2019 say they believe now is a good time to buy. [1]
Of those respondents, 34% said they “strongly” believe now is a good time to buy.
“Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading,” said NAR’s Chief Economist Lawrence Yun. “However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy.”
The survey reported that of those who believe now is a good time to buy, the silent generation (born between 1925 and 1945) were most likely to believe now is a good time to buy, with 75% expressing that belief. Older baby boomers (those born between 1946 and 1954) followed as 72% believe now is a good time to buy a home.
According to the NAR, 54% of respondents who have an income of under $54,000 said now is a good time to buy a home. The amount of people who believe now is a good time to buy increased as incomes went up, rising to 64% for those earning between $50,000 and $100,000.
Seventy-two percent of those who make more than $100,000 say now is a good time to buy.
“Not surprisingly, as incomes increase, the process of buying a home is less of a strain,” Yun said . “This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home.”
Respondents also had a favorable outlook on selling homes, as 74% believe now is a good to sell a home, which is an increase from last quarter’s 73%. Of those, 45% said they “strongly” believe that now is a good time to sell.
People in the west region felt most strongly on this belief, as 81% of the region felt now is a good time to sell.