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Consumers Fear Another Housing Bubble
More than half of American homeowners—58 percent—say they expect there will be a “housing bubble and a price correction” within the next two years, according to the latest survey of more than 1,000 Americans from ValueInsured’s Modern Homebuyer Survey.
Many consumers surveyed say they believe that real estate is reaching the top of the market. Because of that, 83 percent of Americans surveyed say now is a good time to sell their home, up 9 percentage points since last quarter.
But their confidence in buying may be getting a little shaky. Many buyers surveyed say they were concerned whether a property they bought now would hold its value. Fifty-seven percent of American owners believe that homes in their area are overvalued and that current prices are unsustainable.
Millennials are particularly concerned. Seventy-two percent of millennial home buyers say they are concerned with timing. They want to ensure they are “not buying high.” Just 43 percent are confident that a home they purchased today will increase in value by the end of 2018.
NAR's latest Housing Pulse survey echoes some of ValueInsured's findings, with six of 10 respondents saying they are concerned about the cost to buy a home or high rent prices in their area. Eighty-four percent of the Housing Pulse respondents say they believe buying a home is a good financial decision, and affordability was ranked as the fourth top issue, after affordable health care, low wages and debt, and heroin and opioid drug abuse.
“We see more home buyers concerned with timing the market,” says Joe Melendez, CEO of ValueInsured. “This is especially true for millennials, who are more likely to switch jobs, relocate or need to upsize in the next few years. No one wants to buy at the peak and find themselves underwater as so many did a decade ago.”
The top five states where residents believe the market is approaching a “housing bubble,” according to the survey are Washington (71 percent), New York (68 percent), Florida (63 percent), California (59 percent), and Texas (58 percent).
“Beyond the jitters, I see in our survey an increasingly informed nation of home buyers, who understand the risk of the market,” Melendez says. “To those concerned about a price correction, or waiting to time the market, I recommend a proactive approach. Have an exit plan; then anytime you find a home you love is a good time to buy.”
Despite their concerns, nearly 79 percent of ValueInsured's respondents say that homeownership is an important part of their American dream.