Although current real estate conditions have made home buying affordable for a number of consumers, many are unsure if it's a good time to purchase property.
During the second quarter, only 46 percent of Americans believed conditions weighed in favor of buying, according to a survey conducted by Redfin. Meanwhile, 32 percent of respondents felt owners were missing out on ideal conditions to unload their properties.
"Even as prices have begun to rise, the overwhelming issue for most of today's buyers is the selection of homes for sale, not what they cost," said Redfin chief executive officer Glenn Kelman.
The lack of options and economic uncertainties has 31 percent of respondents claiming they would back away from a transaction if they had to compete with a second buyer, the survey found. This was a notable increase from 28 percent in the first quarter.
Public property data indicates that homes prices have appreciated so far this year on an annual basis, and 61 percent of American anticipate this will continue for the remainder of 2012 and possibly into 2013.