Few elements are as important to the housing market as confidence. This keeps buyers coming back for more, sellers listing homes and builders picking up their tools.
So, it is especially good news that both home sellers and builders are more confident in the current direction of the U.S. housing market at the moment, according to multiple recent industry reports.
Redfin's latest survey found that home sellers noted an increased confidence in current conditions, with 38 percent of respondents now saying it is a good time to sell during the first quarter of 2014. Public sentiment was on the way down at the end of last year, but has been steadily moving up on a yearly basis. However, sellers still have concerns. Rising mortgage rates could impact the market, and some fear that it won't be easy finding new homes once their old ones are gone.
"Most of my home-selling clients worry the most about what will happen after they sell," said Paul Stone, a Denver-based real estate agent at Redfin. "With so much competition in the market, they fear they will have to move in with their in-laws if they can't find their next home quickly."
Builder confidence also experiences a rise
Home sellers aren't the only ones to take a more positive view of the current housing market. According to the National Association of Home Builders' latest Housing Market Index, builders are also more confident across all of their major sectors.
The NAHB reported that the single-family index reading reached a level of 48, the highest it has been in the fourth quarter since the metric began in 2008. While a reading below 50 means that more builders view conditions as poor than good, prior to this the past index reading was at 28. Overall, continued improvement has been noted and more people are optimistic about the direction real estate is headed in.
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