Consumers Pessimistic about Buying a Home

Consumers Pessimistic about Buying a Home

California Association of Realtors

Consumers are feeling more pessimistic about home buying, according to the latest California Association of Realtors Housing Sentiment Survey. Only 19 percent of consumers believed it was a good time to buy a home in May 2021. Meanwhile, 72 percent of all respondents believed it was a good time to sell.

According to a report from Redfin, more thnn half of U.S. homes have been selling over listing price. Mortgage rates have continued to hover around 3 percent, but mort gage demand has dropped.

This indicates that buyers may bestarting to hit an affordability wall.

Availability of lumber remains a problem, with 90 percent of builders recently surveyed by the National Association of Home Builders reporting shortages, This is driving up prices on new home construction.

Approximately 14 percent of U.S. renters — more than 10 million Americans — are still behind on rent, according to data collected by the U.S. Census Bureau.

Federal Housing Finance Authority has extended for bearance options for multi family properties.