NAR Survey: It’s a Good Time to Buy a Home

Optimism among current and potential homeowners in the housing market continues to be solid, according to the National Association of Realtors (NAR) Q3 Housing Opportunities and Market Experience (HOME) Survey.

 

The new HOME Survey found 80 percent of respondent homeowners stating this is a good time to list their home for sale, a new high for this survey. This is up from 75 percent in the second quarter and up from 67 percent one year ago. Furthermore, 62 percent of respondent renters believed now is a good time to become homeowners, up from 52 percent in the previous quarter and 60 percent one year ago.

 

The survey also found 57 percent of households believed the economy is improving, up from 54 percent in the second quarter and 48 percent a year ago.

 

Lawrence Yun, NAR’s chief economist, was uncertain how this positive sentiment would translate into a challenging housing environment.

 

“The housing market has been in a funk since early spring because of the ongoing scarcity of new and existing homes for sale,” Yun said. “The pace of new home construction has not meaningfully broken out this year, and not enough homeowners at this point have followed through with their belief that now is a good time to sell. As a result, home shoppers have seen limited options, stiff competition and weakening affordability conditions. Buyer demand is robust this fall, but the disappointing reality is that sales will continue to undershoot their full potential until supply levels significantly improve.” 

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