Days of waiting to sell for bigger home price tag are 'over': NAR
The vast majority of consumers claim it's a good time to sell a house as slowing price growth doesn't translate to much promise for a bigger deal ahead, according to the National Association of Realtors.
"With home price appreciation slowing, home sellers understand that the days of large price gains from holding an extra year are over," said NAR Chief Economist Lawrence Yun in a press release.
About 73% of people said it's a good time to sell a house in the second quarter, a jump from last quarter's 65% reported in NAR's Housing Opportunities and Market Experience survey.
Steadying house values also means conditions are favorable for those looking to purchase a house. While not as high as sentiments for sellers, about 65% of consumers claimed now is a good time to buy, a share that held steady from the first quarter.
By consumer type, about 74% of homeowners said it's a good time to buy, and over half of surveyed renters shared the same optimism toward making a home purchase, which could signal some newcomers to the market.
"Lower mortgage rates, along with job and wage growth, will lead to an increase in sales and thereby contribute positively to economic growth in the upcoming quarters," Yun said.
Across different generations, millennials had the smallest share of consumers reporting conditions are prime for a purchase, at 54%. While still a majority, the percentage lags behind 72% and 70% for younger and older boomers, respectively, and 62% of Gen-Xers. Millennials are especially important to the market being that they are the largest cohort of house shoppers and dictate the flow of new entrants.
At 67%, millennials also had the lowest share reporting it's a good time to buy. This compares to 76% for both older boomers and Gen Xers, and 74% for younger boomers.