Are you wondering if it’s still a great time to sell your home in the current housing market here in Littleton, Colorado or the surrounding area? Well, 77% of consumers say that it is a great time to sell their home and that’s a record high, according to Fannie Mae Home Purchase Sentiment Index survey of a thousand adults on the views of the current housing market.
Today home sellers have plenty of reason to feel so upbeat. Existing home sale prices, well, they’re at record highs. And back in May, they were up nearly 24% compared to a year earlier according to the National Association of Realtors and higher home prices have translated in the greater equity for sellers. And in the first quarter of 2021, the average homeowner saw their equity climb nearly 20% in the past year according to a report from CoreLogic. Now buyers on the other hand unfortunately are not feeling as good about this housing market. 64% of consumers say it is still a bad time to buy a home up from 56% the previous month, also a record high Fannie Mae reports. The buy and sell components continue to diverge. Doug Duncan, Fannie Mae Senior Vice President and Chief Economist said about the latest consumer sentiment index readings.
He goes on to say, “Consumers also continued to cite high home prices as the predominant reason for their ongoing sentiment divergence in settlement towards home buying and home selling conditions.” Now renters who are planning to purchase a home in the next few years, they’ve demonstrated the steepest decline in home buying sentiment than homeowners,” Duncan continues to add, “It’s likely that affordability concerns are more greatly effected by those who aspire to be first-time home buyers than other consumers who have already established homeownership.” Duncan says. “Now, despite the pessimism over home buying, we can expect demand for housing to persist at an elevated level through the rest of the year.” Duncan notes. And also goes on to say that mortgage rates remain not too far from their historical lows and consumers are expressing even greater confidence about their household income and their job situation compared to this time last year when the pandemic had shut down a wide swath of our economy.
So if you’re considering selling your home in Littleton, Colorado or surrounding area, now is still a very good time to do so. And if you’re thinking of buying a home, this is still a very good time to take advantage of those low interest rates. Now, even though you may have to be patient, there are still ways you can win in this market.