With the elections over and the fiscal cliff approaching, many people may think that homes sales are tapering off. This is not the case, according to a recent survey from Fannie Mae National Housing in November. Actually, Americans are showing more confidence in the housing market along with the economy than before… this could be great news for your home!
Doug Duncan, who is the senior vice president and chief economist for Fannie Mae stated that recent report showed, “Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs.” and “attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell.”
About 41 percent of the people surveyed thought mortgage rates will increase soon with 14 percent believing home prices might decrease over the next twelve months and 37 percent believe prices will increase over the next twelve months. Over 50 percent of those surveyed believe that obtaining a mortgage is a real possibility at this point.
With historically low interest rates and low home prices… in most cases it is now cheaper to own, than to rent.