Poll: Majority say now is a good time to buy a house

“Because both the U.S. housing finance system and, most likely, the structure of the housing market are likely to change significantly during the years ahead, it may at best be a “good time” for Americans to buy a home as a place to live,” said Dennis Jacobe, chief economist for Gallup. 

Since 2003, the poll reached its lowest point in early 2006, when only 52 percent thought it was a good time to buy a house, as the housing market dramatically slowed. The Gallup poll hit its high of 81 percent in 2003 as the housing boom was going strong nationwide with low interest rates on home loans, a wide variety of financing options along with the expectation by potential homebuyers that home prices would continue climbing, providing equity and the possibility of selling for a profit. 

On the price front, about 27 percent of those asked say they expect home prices to decrease this year, a likely probability based on housing experts’ analyses. 

Prices are expected to bottom out this year and will probably drop about 5 percent as the market begins to make a turn toward recovery, according to a report released last week by RealtyTrac, a California firm that tracks the housing market. 

In a separate question, Gallup found that 42 percent are worried their own house will lose value, another troubling sign for potential buyers and for the housing outlook overall.

“Given these uncertainties, potential home buyers might want to avoid thinking about a home purchase right now as an investment,” Jacobe said.