Key Highlights
- New Opendoor survey indicates most Americans happy about selling in current market
- Total of 71% think now is good time to sell
New Opendoor Survey – Now Is A Good Time To Sell
In a just released survey from Opendoor, 71% of Americans think that now is a good time to sell.
Contributing to their thoughts about now being a good time to sell, only a small minority of consumers believe that the housing market will remain as strong as it is now in a year or more. The bottom line for many selling consumers is that “Let’s strike while the iron is hot.”
Most Optimistic by Demographics of “Now Is a Good Time
Gen-Z or Zillennials – 55%
Millennials – 76%
Gen-Xers – 71%
Boomers – 84%
Clearly, most consumers know that the housing market is hot right now, that inventory is tight and that sellers are generating profits by selling their homes.
Consumers Less Optimistic About Near Future Housing Market
According to Opendoor’s latest survey, consumers are less gung-ho about the coming, near-future housing market over the next 12 months. Only 47% of survey participants believe the housing market will remain as strong as it is now for another year.
Take a look at the responses demographically:
- Gen-Zers – 27%
- Millennials – 54%
- Gen-Xers- 49%
- Boomers – 37%
Obviously, consumers have concerns/anxieties that a housing bubble is looming over the housing market despite industry experts and economists reiterating again and again that they do NOT see a market downfall coming.
On the other hand, some consumers are (secretly) hoping for a market collapse to break the spell of annual price increases (+14.8% y/y in April). Such a bubble burst may, in their thinking, open the door to a more affordable and less competitive market.
Common Consumer Concerns
Pricing and available inventory (or lack of inventory) are the overriding concerns of consumers.
Other concerns across all generations include:
- Getting the sale price/profit they need on a their existing home
- Finding their next home
- Simultaneously packing and moving while selling
- High costs and fees related to selling
- Increasing interest rates
Thanks to Opendoor and Inman.
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