The biggest issue with the housing market over the past couple of years is that it has been heavily slanted towards a "sellers' market with very low and in some cases, no inventory available in many areas of the country.
But, could this be the start of some relief for those that have been looking to buy a home? A recent survey by the National Association of Realtors showed that more and more homeowners think now is a good time to sell.
The survey found that 77% of Americans think now is a good time to sell. Half of the respondents strongly believe now is a good time to sell, up from a 46% share in the second quarter, while 27% moderately believe this is the right time, down from 29% last quarter.
Homeowners in the West (85%) and those who currently own a home (82%) were most likely to have the sentiment. Only 22% believe that now is not a good time to sell, down from 29% in the previous quarter.
NAR Chief Economist Lawrence Yun said several consecutive years of strong home price growth are enticing homeowners to consider selling.
“Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end. Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market,” he said.
Source: Housing Opportunities and Market Experience Survey - NAR