The National Association of REALTORS® (NAR) just released its Q2 2019 Homeownership Opportunities and Market Experience (HOME) report.
The HOME report traditionally focuses on consumer perceptions of the market. Is it a good time to buy? Is it a good time to sell? Let’s take a look…
Is It a Good Time to Buy?
The majority of potential buyers, 65%, indicated that now is a good time to buy a home. Below is a breakdown of that 65% by age, income, region, location and home tenure.
Age – Yes
- 54% – Millennials
- 62% – Gen Xers
- 72% – Young Boomers
- 70% – Older Boomers
- 71% – Silent Generation
Household Income – Yes
- 57% – under $50,000
- 65% – $50,000 – $100,000
- 74% – $100,000+
Region – Yes
- 66% – Northeast
- 68% – Midwest
- 66% – South
- 56% – West
Location – Yes
72% – Rural
65% – Suburban
- 58% – Urban
Tenure – Yes
- 74% – homeowner
- 51% – renter
- 43% – living with someone (not specified)
Consumers who do not think now is a good time to buy a home are renters, millennials, people living in urban areas and people living with someone else (not specified).
Is It a Good Time to Sell?
A higher majority of consumers (73%) think that now is a good time to sell a house. In Q1 2019, 65% of consumers thought it was a good time and 80% of consumers earning $100,000+ thought it was a good time to sell.
Age – Yes
- 67% – Millennials
- 76% – Gen Xers
- 74% – Young Boomers
- 76% – Older Boomers
- 72% – Silent Generation
Income – Yes
- 62% – under $50,000
- 77% – $50,000 – $100,000
- 80% – $100,000+
Location – Yes
- 74% – Rural
- 74% – Suburban
- 70% – Urban
Consumers living in the West, 79% of them, said now was a good time to sell.
Have home prices gone up in the past 12 months? 63% said yes.
Will home prices go up in the next 6 months? 49% said yes.
Is it very difficult to get a mortgage?
- 26% of Millennials said yes.
- 23% of Gen Xers said yes.
- 31% of Young Boomers said yes.
- 43% of Older Boomers said yes.
- 30% of Silent Generation said yes.
