Americans are ‘cautiously optimistic’ about housing market in 2017

In the new year, Americans are remaining “cautiously optimistic” about the housing market, according to the ValueInsured Modern Homebuyer Survey.

Sixty-nine percent of respondents reported that they think the housing market will be better in 2017 than it was in 2016. Fifty-eight percent of Americans, including 62 percent of millennials, said that they think the housing market will be better for them personally this year. Nearly three-quarters of homeowners believe it will be easier for them this year to upgrade to a new home.

Millennials who are not currently homeowners are the most optimistic about the housing market this year. Forty-one percent believe that 2017 will be an easier time for them to buy, while 44 percent said they are ‘confident’ they can afford a down payment, an increase of 6 percent from September, and 14 percent from March.

“I recommend Americans, especially first-time buyers, absolutely pursue their dream of owning a home,” said Joe Melendez, CEO of ValueInsured. “But it’s up to us as an industry to help make them feel more confident in doing so, and that starts with us giving them greater certainty by protecting their down payments.”

Yet, homeowners are less confident now than they were in September that their homes are worth what they bought them for, and they are also less sure that home prices in their area will keep rising. However, 53 percent believe if they purchase a home this year, it will increase in value by 2018.

But 78 percent of Americans think purchasing is a better option than renting. And owning a home is still a pivotal part of the American Dream, according to 79 percent.

Posted in 2017, consumer confidence, housing market, Industry News.