07 Jun Prospective Home Buyers Are More Hopeful
Searching for a home is a big endeavor. Whether you are a first-time buyer or a fifth-time buyer it can be a long and challenging process to find the right house. However, according to a poll from the first quarter of 2019 done by the National Association of Home Builders (NAHB), 22% of prospective buyers are hopeful that the home hunting process will get easier. This is up over last year’s number of 16%. There is also a heightened perception of housing inventory, with 30% of potential buyers thinking that they see an increase in the number of for-sale homes that they like and can afford.
So, who are the most hopeful in the market? Well, in terms of generational cohorts, it appears that Millennials and Gen X’ers have the impression that finding a home will be easier than in previous years. This is a little more so than their Baby Boomer and Senior counterparts. Regionally, the Midwest and the Northeast also polled higher in hopefulness.
Many organizations are suggesting that the housing market is going to see an influx of potential buyers. There are many factors in what drives consumers in a market, but perception plays a large part. Perhaps this new-found faith in the process is a component of why 36% of Americans plan to buy a house in the next 5 years, with a fourth of that group planning on purchasing in the next 12 months, according to Nerd Wallet’s 2019 Home Buyer Report.
This attitude isn’t just held by those with positive experiences. Of former homeowners who lost their home due to fiscal issues, 58% plan on coming back to the market despite their past circumstances. With buyers’ attitudes trending towards an enthusiastic vision of the housing market, what will this mean for sellers and the housing inventory?