Housing prices have been soaring across the country, but an April 2021 Gallup Poll, surveying 1,000 adults, shows that just over half of Americans believe that now is a good time to purchase a home; the highest this measure has ever gone was 81% in 2003.
When COVID-19 made its first appearance, businesses were forced to adapt to new economic realities; remote work became viable, and many Americans relocated. As a result, many people scooped up available homes, and the market experienced a historic shortage in supply, which caused housing prices to skyrocket. According to the same Gallup Poll, 71% percent of Americans believe that housing prices will continue to surge; this figure is the highest point since 2005, whereas only 40% of people believed housing prices would increase in April 2020.
While many Americans also believe we’re heading for a crash in the housing market, 41% still believe that real estate is the best long-term investment (up from 35% last year), while 26% believe that stocks and mutual funds are the best investment, and 18% believing that gold is the strongest investment (gold typically goes up in times of economic crisis).
Given the surprisingly optimistic position that Americans are taking as it relates to the housing market, it is likely to be a self-fulfilling prophecy (barring catastrophic occurrences); the housing market remains poised to have a stellar year.
At the Chernov Team we understand that knowledge is power, and knowledge of popular sentiment regarding the housing market is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.