LendingTree Survey Reveals 71% of Current Homeowners are Contemplating Selling in 2014
A recent survey shows that current and potential homeowners have a positive outlook on the US housing market and economy for 2014, despite the anticipation of higher mortgage rates.
According to the survey conducted from December 20-28, 2013, current and potential homeowners have a generally optimistic outlook on the US economy and housing market.
- 69 percent of respondents have a positive outlook on the housing market
- 63 percent expect the US economy to continue to improve in 2014
- 71 percent of current homeowners said they are considering selling their home in the next 12 months
While the first two findings are good news, the third is amazing.
I agree with our friends at Keeping Current Matters that it's a longshot that 70% of the country's housing inventory could ever be turned over in a year, but it's heartening that people are again thinking about moving. There has been a pent-up selling demand over the last few years because families lost both equity in their homes and confidence in the economy. Rising real estate prices have returned equity to many and an improving economy is again rebuilding consumer confidence.
What's the Bottom Line? In the next 12 months, new construction and the overall US jobs market will be key factors for continuing a housing market recovery. Locally in our metro Boston market, even if a small portion of that 71% actually decide to sell, this years market could return to more balanced housing stock inventory levels. And more inventory is great news for Boston homebuyers.