A recent survey from the National Association of Realtors found that only 52 percent of renters said that they feel that now is a good time to buy a house, down 10 percentage points from a year ago.
CNBC reports that rising house prices and soaring rents are the main causes for concern. Home prices are outpacing wage growth, and increasing rent rates make it hard for potential buyers to save for a down-payment.
Current homeowners, however, have a much higher level of confidence in the market, with 80 percent of respondents saying now is a good time to buy a home — that was unchanged from a year ago. The confidence spread between renters and owners is simple: it is not a great time to buy if you have nothing to sell.
The same survey indicated that more owners (71 percent, up from 61 percent last year) think that now is a good time to sell. Given the lack of available homes, sellers can make a handsome profit by putting their properties on the market and letting competing buyers drive up the price.
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