More homeowners think now is a good time to sell a home than buy one, according to data from Zillow.
The Zillow Housing Confidence Index found that 70% of homeowners think now is a good time to sell. Meanwhile, less than 65% of homeowners think now is a good time to buy, Zillow said Thursday, extending the declines seen for this figure over the past two years.
"Even though the majority of homeowners are confident and believe now is a good time to sell, they're holding off because they expect home values to continue to appreciate and want to ride the wave," Zillow chief economist Svenja Gudell said in a news release. "They also don't want to turn around and become buyers in a competitive market."
Confidence among renters is even lower, Zillow reported. Only 38% of renters think that now is a good time to buy, and in some cities as many as 50% of renters responded that they don't know if they could afford a home in the future.
The Zillow Housing Confidence Index is based on a survey conducted semi-annually for Zillow by Pulsenomics. The survey polled 10,000 renters and homeowners.
