The real estate market has been red hot this summer—move-in-ready homes have sold at record speeds, often way over asking price with multiple offers. Motivated buyers with a need to change their living situation move fast on homes with the amenities and space they need. The pandemic has increased the need for home office and study space.
If you’re looking to sell your home in this fast-paced market, it’s important to ask if potential buyers are being scared away and if your home will be one that today’s market demands.
Over the past few months, the hot real estate market has actually turned buyer sentiment negative. Let’s take a look at a few numbers so that you know what’s going on.
Fannie Mae’s Home Purchase Sentiment Index (HPSI), which is based on their monthly National Housing Survey, is a great source for tracking buyer sentiment. According to Fannie Mae, optimism regarding home-buying conditions has been steadily declining through this spring and summer.
In April 2021: 47% of respondents said it was a good time to buy and 48% said it was a bad time to buy.
In August 2021: 32% of people think it’s a good time to buy, while 63% believe it’s a bad time to buy.
As of this publication, August is the most recent data point and clearly, the majority of potential homebuyers still believe that it’s a bad time to buy. If the market isn’t optimistic about their chances of finding a home they want and can afford, they won’t bother looking. People with homes they need to sell may be left behind.
One More Housing Data Point
There is another important data point that homeowners should know about—price predictions.
As of the most recent Fannie Mae survey, 40% of respondents now think home prices will rise while 24% think they will go down.
As with the sentiment numbers, if potential buyers expect prices to continue to rise, they may feel as though they are already priced out of the market and want to wait for more favorable conditions.
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