The housing market is on fire as home prices keep pushing to new heights. This rapid and substantial growth is comparable to a decade ago before the housing bubble burst, but homeowners seem to be more conscious of the housing market this time around.
Significantly more homeowners who were interested in selling their home cited timing as a primary concern, according to a recent study by ValueInsured. Those who were interested in buying showed similarly high consciousness of market conditions, saying timing the market was the key to a better deal. This awareness of shifting conditions like price growth was most apparent in Millennials homebuyers.
- Sellers concerned with market timing increased to 69%, up from 56% last year
- Buyers concerned with market timing increased to 60%, up from 47% last year
- Millennial buyers concerned with market timing increased to 65%, up from 45% last year
- Millennial homeowners concerned with market timing increased to 73%
Rising home prices and a squeeze on inventory has more millennial homebuyers and potential sellers looking at upgrading their home admitting to being obsessed with timing the market to increase their gains, according to a recent study by ValueInsured.
The study found that among all homeowners surveyed who were interested in selling their home 69 percent said that they were concerned with trying to time the market, an increase of 13 percentage points from 56 percent during the same period last year.
Among those wishing to buy a home this season, the study found that 60 percent said they were concerned with trying to time the market, again reflecting a 13 percentage points increase over last year.
The study revealed that an eroding preference for owning over renting was one of the many factors that coincided with rising concerns over timing the market due to home prices and rising rates. “Americans, homeowners and non-owners, far prefer owning to renting if given a choice. However, that preference is sliding steadily, even among homeowners,” the ValueInsured study said.
View the original article at the MReport