Americans don't think now is a good time to buy a home 🏡
Rising home prices are making it hard for people to buy, and most Americans think now is the time to wait. A new Gallup poll found only 30% of Americans believe now is a good time to buy a house. It’s the first time less than 50% of people across the country thought it was a good time to buy.people are concerned. Americans’ negative assessments of the current housing market may also keep them from looking to buy, which could lead to a slowdown in home sales.
As mortgage rates were low and housing values recovered in 2014, 74% said it was a good time to buy. That confidence waned in recent years -- dipping to 50% in 2020 and 53% a year ago before cratering this year -- as housing prices continued to rise amid limited supply and high demand. According to the poll, most Americans believe housing prices will continue to increase, with 70% predicting they’ll increase over the next year, even though higher interest rates mean prospective homebuyers will have to stretch themselves to make higher mortgage payments or settle for a less expensive house.About the Author:
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