Heading into a competitive
In the first quarter of 2018, about 68% of consumers reported that now is a good time to buy a home, down from 75% a year ago and from 72% in the fourth quarter of 2017.
Tight housing inventory continues pushing up home prices and discouraging borrowers already conflicted with
Consumers are also concerned about qualifying for a mortgage, presenting an opportunity for lenders to educate potential borrowers on their options. About 34% of non-homeowners conclude it will be very difficult to qualify for a mortgage, up from 27% from a year ago.
Many would-be homebuyers feel forced to continue renting, and specifically cite financial challenges, such as saving for a down payment, as hurdles preventing them from a home purchase. For renters, optimism on home buying fell 5 percentage points from last quarter to 60%.
A positive outcome of rising home prices is that more consumers are reporting it's a good time to sell. If more homeowners are confident about selling, this could help open up a market thirsty for more supply, and potentially pave the way for cooling housing costs.
About 74% of people claim that now is a good time to sell a home, up significantly from 56% in the first quarter of 2016.
NAR's Housing Opportunities and Market Experience survey tracks homeowner and renter views on the real estate and mortgage markets. Data is collected monthly.