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Is The Housing Market Headed For A Crash In 2021 - Diverging Views of Home Buyers & Sellers
July 19, 2021 at 9:52am | Mac Rogers
diverging views of home buyers and home sellers was a recent article from Realtor magazine.
Here are the highlights:
77% of consumers said it’s a good time to sell, up from 67% last month. Fifteen percent of respondents said it’s a bad time to sell. I wonder what those 15% are thinking. Anyway.
64% of consumers said it’s a bad time to buy a home, up from 56% last month. Thirty-two percent of respondents said it’s a good time to buy a home.
48% of respondents said they expect home prices to rise over the next 12 months, up from
47% last month.
57% of respondents expect mortgage rates to go up over the next 12 months, up from 49% last month. Thirty percent expect mortgage rates will stay the same and 6% expect rates to decrease.
88% of consumers say they are not concerned about losing their job over the next 12 months, up slightly from 87% last month.
27% of respondents say their household income is significantly higher than it was 12 months ago, a drop from 29% last month. Fifty-six percent of respondents say their household income is about the same as last year while 13% say their household income
is significantly lower.
Why are home owners or seller feel sellers or home owners so upbeat?
Existing-home sales prices were at a record high in May and up nearly 24% compared to a year earlier ($350,300), according to the National Association of REALTORS®.
These higher home prices have translated into greater equity for home sellers. In the first quarter of 2021, the average homeowner saw their equity climb nearly 20% in the past year, gaining about $33,400, according to a report from CoreLogic. The forecast
for 2021 is almost another 9% price appreciation.
Meanwhile, home buyers aren’t feeling as good about the housing market.
Sixty-four percent of consumers say it’s a bad time to buy a home, up from 56% the previous month—also a record high, according to Fannie Mae.
Despite of this diverging views on home buying and selling, the expectations are still that demand for housing will remain high. We still have near historical low mortgage rates, consumer confidence about the economy and job situation, household income,
it's higher that last year when the pandemic shut us down.
This kind of begs the question for many buyers and sellers : what does that mean for me? If you’re a buyer, more inventory coming to market is a welcome sight. More supply means more options and less competition, which could mean fewer bidding wars. According
to the latest Monthly Housing Market Trends Report, supply levels are continuing to increase, which is different from the typical summer market. If you are a seller our supply challenges aren’t over yet. It's still a great time to sell. Get a jump on
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