Realtors’® confidence about the outlook for residential home sales over the next 6 months continues to increase, according to the Realtors® Confidence Index .
The RCI Report provides monthly indicators on current real estate market conditions and the expected outlook. The Report summarizes information pertaining to buyer/seller traffic, price trends, buyer profile, and issues affecting residential real estate based on responses of Realtors® to a survey conducted for the period May 29 -June 8, 2012. Given that all real estate is local, conditions in specific markets may vary from overall national trends. A growing number of respondents indicated a growing number of cases of multiple offers, fewer seller concessions, and lower inventories of homes for sale. Overall the residential real estate outlook at this time appears to be favorable.
What Does This Mean For Realtors®?
This month’s RCI shows residential markets that continue to recover. Realtor® confidence and price expectations are higher than was the case a few months ago. Rising rental rates have favorable implications for home sales. Time on market continues to decrease. Prices and interest rates continue to be lower than has been the case in the past. These are the reasons that we continue to view the outlook as favorable for home sales.
Given that the typical homeowner will occupy a house for approximately 8 years after purchase and that home ownership is basically a lifestyle decision in addition to a financial commitment, one can make a very good case that this is a good time to buy a house, remembering that staying within a reasonable budget and acceptable mortgage is important.