Are housing markets cooling?
Seventy-five percent of Americans believe their local housing market is "cooling off’ according to results from ValueInsured's Q4 2018 Modern Homebuyer Survey.
ValueInsured sells equity and down payment insurance to offer home owners greater control and flexibility to sell their home, protect their down payment and accumulated home value even in a down market.
The ValueInsured Housing Confidence Index registered at 63.0 on a hundred-point scale for all Americans in Q4, down 4.7 points in one year. Homeowners, historically the most confident segment on the Index, produced a score of 71.6 in Q4, the second-lowest level recorded in thirty months.
Not all states are in a cooling mode. Among states with the most robust home sales activity, 22 percent of residents in California, 19 percent in Colorado, 36 percent in Texas, and 22 percent in Washington say their local market is not cooling.
The report indicates millennial homeowners are among the most bearish:
72 percent report home shoppers in their neighborhood are less aggressive now compared to one year prior
67 percent expect a home bought in their neighborhood today will likely decrease in value one year from now
Despite the above numbers, 72% of all Americans and 78% of urban residents believe home prices are still too high. The latest data represent 10-point and 13-point increases, respectively, from Q2 2018. Urban homeowners in particular blame "flippers and speculative investors" (70 percent) and "wealthy transplants from more expensive housing markets" (66 percent) for inflating their local home prices to unsustainable levels.
ValueInsured sells equity and down payment insurance to offer home owners greater control and flexibility to sell their home, protect their down payment and accumulated home value even in a down market.
The ValueInsured Housing Confidence Index registered at 63.0 on a hundred-point scale for all Americans in Q4, down 4.7 points in one year. Homeowners, historically the most confident segment on the Index, produced a score of 71.6 in Q4, the second-lowest level recorded in thirty months.
Not all states are in a cooling mode. Among states with the most robust home sales activity, 22 percent of residents in California, 19 percent in Colorado, 36 percent in Texas, and 22 percent in Washington say their local market is not cooling.
The report indicates millennial homeowners are among the most bearish:
72 percent report home shoppers in their neighborhood are less aggressive now compared to one year prior
67 percent expect a home bought in their neighborhood today will likely decrease in value one year from now
Despite the above numbers, 72% of all Americans and 78% of urban residents believe home prices are still too high. The latest data represent 10-point and 13-point increases, respectively, from Q2 2018. Urban homeowners in particular blame "flippers and speculative investors" (70 percent) and "wealthy transplants from more expensive housing markets" (66 percent) for inflating their local home prices to unsustainable levels.