Is Now A Good Time to Buy?

Real estate has always been considered a sound investment. By and large, most Americans have always believed that it makes sense to buy property… until now. For the first time ever, the majority of Americans do NOT think it is a good time to buy right now. A new Gallup poll recently revealed that only 30% of Americans would purchase a home right now. This is the first time since the poll began in 1978 that the number has been below 50 percent.  

Here’s Why

In the last few months, Americans have started to sour on the housing market. Since the beginning of 2020, not only have prices continued to rise but interest rates have also jumped the highest jumps they ever have. 

The demographic with the wildest swing is the suburban homeowner. This time last year, 60% of these residents believed it was a good time to buy. However, 2022 is showing a stark difference. That feeling has plummeted to a staggeringly low 27%, according to the Gallup poll conducted in April.

These negative assessments might cause potential homebuyers to just give up completely. If enough buyers do this all at once, there’s potential the market could tank. Reducing the demand for houses would most certainly reduce their prices. Despite this idea, the Gallup poll reflects something different. 

Gallup reported that 70% of respondents said they expect the average price of homes in their area to increase over the next year, versus 18% who expect them to stay the same and 12% who believe they will drop. Now, as far as investing, that belief hasn’t really changed. Almost half of those surveyed (45%) still believe real estate investing makes sense. They just don’t think it makes sense to invest *right now*.