Consumer sentiment is changing, as 77 percent of them now say they believe now is a good time to sell a house, according to a recent survey.
The finding comes from the National Association of Realtors’ second quarter Housing Opportunities and Market Experience survey, which also reveals that 55 percent of consumers believe home prices will increase over the next six months. Respondents from the West were the most optimistic about the prospects of selling a home, the NAR said.
“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 Lawrence Yun, the NAR’s chief economist. “Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”
Survey respondents also reported more optimism about the general state of the economy. The majority believe it’s heading in the right direction and that may be why they feel wealthier and more willing to sell their homes, the NAR said. Still, the optimism is higher the better off respondents are. Those in the highest bracket with a household income of $100,000 or more were more likely to see the economy as improving (67 percent) compared to those whose income rides between $50,000 and $100,000 per year (64 percent) and those who earn less than $50,000 (49 percent).
After several consecutive years of home price growth, some homeowners may finally be ready to cash out. A separate 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.