News flash: The soaring prices of real estate in some parts of the country don’t have Americans down. In fact, the current real estate market has them pretty darn upbeat. The 2015 National Housing Pulse Survey by the National Association of Realtors® found that 68% of Americans surveyed in the country’s 50 largest metropolitan areas think now’s a good time to get a hold of some real estate.
“Owning is cool again,” said Jonathan Smoke, chief economist of realtor.com®.
Indeed, homeowners are apparently a confident bunch: 71% think they can sell their house for the amount that they paid for it—and only 55% thought so in 2013.
“It’s a good time to buy—for real,” Smoke said. “Sure, prices have largely recovered and rates are up slightly, so homes aren’t quite as affordable as they were a few years back.” However, he pointed out that many households are now in a better position to buy than they were in 2013—thanks to lower unemployment, better household balance sheets, and slightly easier credit.
Perhaps that’s why 49% of poll respondents believe that activity in the housing market has increased in the past year, compared with 44% in 2013—and just 12% in the dark period of 2011. Some 89% think home sales in their area will either stay at their current height or rise some more, and few are concerned about foreclosures.
The cost of renting has skyrocketed nationwide, and many renters are finding the low mortgage rates and variety in the market as perfect time to buy. Another huge contributor to the optimistic attitude towards home-buying in the U.S.
Contact us at WeTalkSWFL.com with any of your home buying and selling questions.