“Should You Sell Your Home In 2020?” Have you been asking yourself this question recently? Have you been dabbling with the thought, but not quite sure of the answer? Well, there’s good news!
The current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should boost your confidence with the housing market. Even when considering the various media fluff circulating and talk of a potential recession, uncertainty with the upcoming 2020 election, trade wars and much more, Americans feel good about selling their home overall. That’s some news to get excited about!
Indicated by the graph below, in Q4 of 2019, 75% of people surveyed indicate they believe now is a moderately good time to sell their home. In cases with those earning a yearly salary of $100,000+, the results are coming in at an 62% with Boomers at a 70% positive sentiment.
In a study dividing the home owner sentiment outcomes by region, the results consistently showed Americans feeling good about selling. See below.
- Northeast: 71% positive
- Midwest: 76% positive
- South: 72% positive
- West: 81% positive
In addition to income and region, the report also divided the results by generation, as shown in the graph below. You can see that despite everything going on in global economics and politics, home owners still feel that a good time to sell their home.
According to NAR, the unsold inventory available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is good news for sellers, as Lawrence Yun, Chief Economist at NAR, says:
“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”