According to a recent survey, it’s a really good time to sell a house. 77% of consumers say so, which is a record high. That’s according to new findings from the National Association of REALTORS®’ second quarter Housing Opportunities and Market Experience survey. However, 85% in the West say it’s a good time to sell!
Fifty-three percent of survey respondents say they believe home prices will continue to increase in their communities over the next six months. Survey respondents in the West were the most upbeat on the prospects of selling their homes. This comes on the heels of the real estate market making a move to a “Transitional Market” which I will blog on later this week.
Lawrence Yun, NAR’s chief economist comments on such a market: “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. Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”
Another positive feeling consumers have is their feeling on the economy. This makes them feel wealthier and more willing to sell their homes. This optimism seems higher for Americans in incomes of more than $100,000 which are more likely to view the economy as improving (67 percent) than those with an income of $50,000 to $100,000 (64 percent) and under $50,000 (49 percent), the survey showed.
Another factor in home owners thinking of selling, are several years of home price growth. A different report from CoreLogic released last week showed that the average homeowner has gained $16,200 in home equity between the second quarter of 2017 and the second quarter of 2018. This may push them further to take their gains and either be move-up or move-down buyers. Here on the SF Peninsula, this number is much greater.
If you are thinking of selling, let me give you some options on how you can possibly keep your current tax base, and move it to your next home, or move to another state, or possibly another country. Call me at 650 483-4932 for more details.