If a recent home survey from the National Association of Realtors is any sign, the days of strapped housing inventory may be coming to a close.
According to NARâ€™s recent Housing Opportunities and Market Experience Survey, 80 percent of current homeowners think itâ€™s a good time to sell.Click to see today's rates (Oct 22nd, 2017)
The market has been tight on inventory for months. And while slow housing starts are part of the problem, hesitant-to-sell homeowners are quickly becoming factor No. 1.
As demand drives up housing prices, owners simply arenâ€™t willing to list their properties and risk entering the competitive marketplace.
In fact, according to NAR, existing home sales have declined in four out of the last five months. As NARâ€™s Chief Economist Lawrence Yun puts it, â€śThe housing market has been in a funk since early spring because of the ongoing scarcity of new and existing homes for sale.â€ť
The organizationâ€™s HOME survey indicates that trend may be on its way out though. About eight out of 10 homeowners say now is a good time to sell their home. Thatâ€™s a survey high and a major jump from just one year ago when only 67 percent of owners shared the sentiment.
NARâ€™s survey also revealed another positive note: more renters are optimistic about buying. According to the survey, 62 percent of todayâ€™s renters think itâ€™s a good time to buy a home. This marks a jump from 52 percent last quarter and 60 percent in 2016.
As more than half of renters think theyâ€™ll end up paying more in rent next year, the findings arenâ€™t too surprising. In fact, about 15 percent say if their rent does increase, theyâ€™ll consider buying a home as a result.
With mortgage rates low and more homes poised to hit the market, now's a prime time to buy a home. Check out todayâ€™s mortgage rates and see what you qualify for now.Click to see today's rates (Oct 22nd, 2017)
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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2017 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)