Now is a great time to buy a home, say almost two-thirds of owners and half of renters.
The sentiment is shared by 63% of real estate owners and 48% of renters across the United States. That is according to September 2019’s HOME survey from Realtor.com.
In addition, one in three strongly believe that now is a good time to buy a home.
NAR’s chief economist Lawrence Yun says the intent is likely to persist. “Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading.”
Among those that stated that now is a good time to purchase a home, the silent generation (those born between 1925 and also 1945) are most likely to express that belief. Seventy-five percent from that demographic said that now is a good time to buy. They were closely followed by older boomers (those born between 1946 and 1954), on 72%.
Feeling that now is a great time to buy a home grows with income
Just over half of those with an income of under $50,000 say now is a good time to purchase a home. In the $50,000 to $100,000 bracket, the figure is 64% and in the over $100,000 sector 72%.
Respondents were also questioned about their outlook toward the U.S. economy. Fifty-two percent of those surveyed said they believe the U.S. economy is improving. Down 3% on three months ago.
Millennials (those born between 1980 and 1998) were the most pessimistic, only 49% said the economy is improving and 51% said it is not improving.
Fifty-four percent of the silent generation – in this case, the most optimistic group – said the economy is improving. Forty percent of those in urban areas also believe the economy is improving, compared to 62% in rural areas.
The survey was conducted from July-September via phone by survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,705 household responses.