Consumers remain optimistic about the long-term prospects of the housing market, but home owners say they’re hesitant to list their home for-sale, according to Berkshire Hathaway HomeServices’ Homeowner Sentiment Survey.
The most common obstacles cited by home owners for not yet listing their home are due to inventory concerns, including “waiting for the right opportunity” and “haven’t found my ideal home yet.”
Read more: 3 Reasons Why It’s a Great Time for Sellers
What’s more, of consumers considering selling their home but who have not yet listed, 73 percent say that home prices have not recovered from pre-recession levels enough for them to sell. Sixty-eight percent of current home owners surveyed said underwater mortgages remain a big barrier to them. Sixty-one percent say they’re uneasy about the economy, which has kept them from selling.
“Though home prices around the country have recovered much of the ground lost during the downturn, contemplators are telling us they want more confidence in the decision to list,” says Gino Blefari, CEO of HSF Affiliates. “They’re also telling us they need more information about their markets, pricing, and specific home improvement in order to list.”
Indeed, 55 percent of home owners contemplating selling said they’d be more likely to do so if they had additional information on the home selling process.
“The stage is set for real estate professionals to connect with consumers, learn their needs and concerns, and determine the best way for sellers and buyers to capitalize on the opportunities that exist today,” Blefari says.
Overall, 71 percent of the more than 2,500 current home owners and prospective home owners surveyed said they were confident the housing market was heading in the right direction. However, respondents cited concerns over their credit score, stringent lending guidelines, and the competitive landscape for homes as the top barriers facing the housing market today.
Source: Berkshire Hathaway HomeServices