How do most people feel about the housing market?

February 21 2017


The National Association of Realtors recently released the 2016 Q4 Housing Opportunities and Market Experience report, giving insight into the thoughts and perceptions of renters and potential homebuyers and sellers about the current state of the market. So, do most people think it's a good time to buy or sell a home? And how is the industry outlook nationwide?

Public Sentiment
In the last quarter of 2016, 70 percent of people said they felt it was a good time to buy a home, while 62 percent reported they felt it was a good time to sell. When it came to home prices, 55 percent of people felt they had gone up in their communities over the last year. Renters, younger households and those living in the West were the least optimistic about buying at that time.

Expert Predictions
Home sales are forecast to reach 5.52 million this year, a 2-percent increase from 2016, and the median price for existing homes nationwide is expected to increase 4 percent this year. Mortgage rates are expected to reach approximately 4.6 percent by the end of the year. This increase, along with rising home prices, could make affordability a concern for some, particularly first-timers.

The Takeaways
So what does it all mean? According to Jonathan Smoke, chief economist for Realtor.com, "The 2017 housing market will be a year of slowing, yet moderate growth." Financial challenges and interest rates could make it difficult for some first-timers to purchase a home, but the experts are cautiously optimistic about the housing market overall.

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