Things are looking up in the housing market! According to national public opinion, it’s a good time to buy a home. Consumer responses to Fannie Mae’s May 2015 National Housing SurveyTM indicate increasing optimism about the U.S. housing market, but it’s best to act quickly if you want to buy!
The predicted lift in the housing market this year by Fannie Mae is supported by consumer opinions. The combination of the positive May jobs report, upward trend in average hourly earnings, and improved attitudes toward the housing market all indicate an increase in housing activity this year.
- The percentage of people who believe it’s a good time to buy increased to 66%
- 49% of respondents, a new survey high, believe it is a good time to sell
- The number of people who say their income is significantly higher now than a year ago increased by 6 percentage points
- 49% of those surveyed believe home prices will go up in the next 12 months
In short, “Things are looking up for housing,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.
With rising rates and a growing market, now is a great time to purchase a home. To take advantage of this trend of higher incomes and a burgeoning market, buy before the prices increase. If you or someone you know is looking to purchase a new home or get pre-approved for a loan, contact an On Q Financial Mortgage Consultant for more information!
Information obtained from http://www.fanniemae.com/portal/about-us/media/corporate-news/2015/6259.html. This material is provided for information and educational purposes only. 068i0000001vJwH