LOS ANGELES — Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations, according to the California Association of Realtors 2013 California Home Sellers Survey.
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More than two-thirds (69 percent) of home sellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.
“Much-improved housing market conditions in the last year have given sellers more confidence to own a home rather than to rent one,” said CAR President Kevin Brown. “With sellers being more positive about the future of home prices, the vast majority of sellers who are currently renting plan to buy again in the future. In fact, 70 percent of sellers who are currently renting said they would purchase another home, up from 22 percent in 2012.”
Nearly half of sellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five sellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.
Additional findings from CAR’s 2013 California Home Sellers Survey include: