May 25, 2017
That’s the latest finding from a recent survey by the National Association of REALTORS. The same poll also indicated that nearly two of every five respondents felt it was a good time to sell. The numbers are an improvement from last year’s totals.
New and existing home sales also showed significant increases along with a March upswing in consumer confidence, which jumped to its highest level since the end of the Clinton Administration. It is all part of a continuing thaw in the economy.
The big question moving forward may be interest rates. An article in Realtor Magazine by the association’s chief economist Lawrence Yun, predicted that rates could top four-and-a-half percent by the end of 2017 with even greater hikes possible in the future. Growing rates may dampen enthusiasm for a new mortgage.
Still, the association’s research found that “family concerns” continued to be the main driver of home sales rather than the advantageous economic environment. Interest rates, while attractive, weren’t as important in the decision-making process of homebuyers as traditional factors like changes in family size and structure or the need to move for employment reasons.