Fannie Mae recently released its quarterly National Housing Survey. Interesting, because it looks like public perception is shifting.
A summary from the KCM Blog:
- Thirty-three percent of respondents expect home prices to increase over the next 12 months, the highest level over the past 12 months.
- The percentage of respondents who say it is a good time to buy rose to 73 percent,the highest level in over a year.
- Forty-eight percent of respondents think that home rental prices will go up, the highest number recorded to date.
- On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, the highest number recorded to date.
In addition, “In addition, confidence in consumers’ views of their own finances is stabilizing—for three straight months—44 percent believe their personal finances will get better over the next year.” (Fannie Mae Report) This is critical, because regardless of what the consumer believes will happen to the market in general, if personal finances are not in order, real estate will not be purchased. Last year, nearly 4 in 10 homes in Massachusetts were a cash sale.
- Survey Finds Home Price Expectations On The Rise (brendanfontaine.wordpress.com)
- Housing Confidence is Up (mortgageheathervt.com)
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