63% say now is a good time to buy a home

October 3, 2018 12:46 pm

Almost two-thirds of home buyers in the United States believe now is a good time to buy a home.

The 63% figure is for the third quarter of 2018. It is published in the latest Home report from the National Association of Realtors. It is five points down on the last survey.

73% of 55-64 year olds think now is a good time to buy a home

The highest proportion of those who think now is a good time to buy a home is the 55-64 year olds on 73%. With rapid home price acceleration, those who are currently renting or living with someone else, as well as those who are aged under 34 years, and those who live in urban areas are less confident that now is a good time to buy.

Seven out of 10 believe that prices have gone up within their communities in the last 12 months. This is up 2% from Quarter 2, 2018’s survey. A quarter believe prices have stayed the same and 5% believe prices have gone down.

Forty-one percent of respondents believe that prices will stay the same in their communities in the next six months. This is a slight increase from the previous quarter. Just over half (53%) believe prices will increase in the next six months, while 6% believe prices will go down in the next six months.

Six out 10 believe the U.S. economy is improving, an increase of 2% from Q2 2018.

When choosing a new neighbourhood, most people value proximity to friends and family (25%), jobs (24%) and schools of choice (20%). Over two-thirds of respondents say access to highly-rated schools is vital.

The survey was conducted by survey research firm, TechnoMetrica Market Intelligence. Each month from July through September 2018, approximately 900 qualified households took part in the survey. The data for the report and is based on 2,731 completed telephone interviews.

Source: https://www.nar.realtor/research-and-statistics/research-reports/homeownership-opportunities-and-market-experience-survey/2018-q3-homeownership-opportunities-and-market-experience-home-survey