Each month, the Housing Opportunities and Marketplace Experience (HOME) survey tracks changes in customer views regarding the housing market. With HOUSE being launched in the first one fourth of 2016, we can now evaluate what consumers are thinking about trends within real estate in the last year.
Across the board, consumers felt that will home prices increased in the last season and each quarter was better than the prior to sell a home. Specifically, in Q1 of 2016, 50 percent of consumers declared that home prices had increased within the last 12 months. That figure jumped as much as 60 percent of consumers in Q1 of 2017. About 45 % of respondents in 2016 sensed that home prices would always go up in the next six months. That number furthermore increased to 51 percent of consumers within Q1 of 2017. In Q1 of 2016, 56 percent of shoppers felt strongly that now is a great time to sell a home. That figure furthermore jumped up to 69 percent of shoppers in Q1 of 2017.
On a positive note, consumers’ see of the economy has also improved within the last year. In Q1 of 2016, just under half of all respondents sensed that the economy was improving on 48 percent. In Q1 associated with 2017, that number jumps up to sixty two percent of consumers that feel the economic climate is improving. This sentiment will be most strongly felt by customers 54 years and younger. The particular Northeast was the least likely to have the economy is improving and had been consumer sentiment consistent across countryside, suburban, and urban areas. Home owners would be the most optimistic on the outlook from the economy compared to renters and those that will live with someone else.
Whilst there was a dip in customer sentiment on whether now is a great time to buy a home from Q1 (75 percent) to Q4 (70 percent) in 2016, consumers’ view that will now is a good time to buy slightly rebounded to 72 percent in Q1 of 2017. The sentiment that will now is a good time to buy increases along with age and income. The Western region was the least likely to believe that now is a good time to buy and the more than likely to feel that now is a good time to market. Renters were the least optimistic that will now is a good time to buy.
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