While many industry analysts have expected increasing hesitation in the housing market, buyers largely remain optimistic, a new report says.
About 28% of 5,000 prospective home buyers are “mostly confident” that the next three months will be a good time to buy a home, according to a new survey from OJO Labs, a real estate search website operated by Movoto. However, they aren’t quite as confident as they felt in April when 31.1% of respondents responded at that level.
That group of buyers is the largest cohort of respondents, the survey authors say. Further, 18.7% of survey respondents “strongly agreed” that the next three months will be a good time to buy a home, bringing the total of positive responses to about 47% of respondents overall, the authors say.
Home buyers have felt headwinds with rising prices and mortgage rates and a shortage of homes for sale. But they’re not giving up their hunt this spring and summer.
Buyers may see the equity other homeowners are accumulating and be drawn to the long-term financial benefits of homeownership. Read more: Nearly Half of US Homeowners Considered ‘Equity Rich’