Consumer attitudes towards the housing markets are echoing views in the years immediately preceding the peak of the housing boom, according to a new national survey by the Gallup poll.
Americans continue to see a buyer’s market in housing, according to an April 2011 Gallup poll. Sixty-nine percent of respondents say now is a good time to buy a house.
Historic Gallup data shows that many Americans also thought it was a good time to buy between 2003 and 2005, when housing prices were increasing and getting financing was relatively easy. Those attitudes began to change in 2006 as some homebuyers began to realize a housing bubble was taking shape in local markets across the country.
Men (74 percent) are about 16 percent more likely to see now as a good time to buy a home than are women (64 percent). Those living in the West are the most likely to hold this view (75 percent), 17 percent more than those living in the South (64 percent). Americans making $75,000 or more a year (86 percent) are 18 percent more likely to see 2011 as a good time to buy a home than those making $30,000 - $75,000 (73 percent), and 72 percent more likely than those making less than $30,000 (50 percent).
Americans’ expectations for home prices in their local markets are slightly better now than they were in January. Currently, 30 percent of Americans say home prices will increase and 28 percent say they will decrease in the next year.
This is also better than the situation in 2008 and 2009, but a far cry from housing price expectations in prior years, when the majority expected prices to rise. For example, in 2005, 70 percent expected their home price to grow and only 5 percent thought it would fall.