How do Consumers View Housing? Part 2

BUYING AND SELLING
3. Home Price Expectations  The dividing line between buyers and sellers is likely one of home prices, and indeed, the HPSI found that very few consumers expect prices to decline in the coming year.  43 % who think they will continue their ascent. The question that keeps popping up is when will be the best time to buy and the best answer is now of course!
 
4. Mortgage Rate Thoughts  Another area is mortgage rates, where consumers are similarly united in their expectations. 49% think rates will rise in the next 12 months, while only 5% think they will decline.
Although consumers expect mortgage rates to rise, a majority still think it would be relatively easy to get a mortgage, with 52% of respondents voicing that view (compared to 45% who think it would be difficult). Furthermore, consumer views towards the mortgage market have trended positive the last two years.
5. When is the best time to sell ?
So we ask the question of predicting the Housing Market where Sellers are concerned and we as confronted with wondering when is the best time to sell? The off season brings some important factors to consider like less inventory means less competition. Another important consideration is Buyers out the looking this time of year are serious and motivated. This creates a second market and avoids the spring market rush with increased inventory.
 
www.BOBSHOMES.net
Bob Idakaar GRI
WEICHERT REALTORS
973-713-2377

How do Consumers View Housing? ….. part 1

BUYING A HOMEFannie Mae’s National Housing Survey is among the more detailed inquiries into how everyday consumers view the U.S.’ housing market, and the Home Purchase Sentiment Index (HPSI) portion of the survey  which details how Americans view the buying and selling process :

1.  A Good Time to Buy?  Even with the HPSI remaining at a high level, specific elements of the index declined in a marked fashion, most noticeably the section of the index that tracks consumer interest in home buying. According to the index, 60 percent of respondents think now is a good time to buy, down from 63 percent in August; meanwhile, the share who think it is a bad time to buy rose 2 percentage points to 31. Contrasting those two metrics  Fannie calls it the “Net Good Time” measure  comes out to 29 percent, which is tied for the lowest level in the survey’s history.

2. A Great Time to Sell  While homebuyers are feeling pessimistic, home sellers are having the time of their lives. The share of respondents who think it a good time to sell was 53 percent, a slight dip from the summer’s 56 percent but far above the 39 percent of two years ago; amidst that rise, the share who think it a bad time to sell has fallen in equal measure, dropping from 51 percent in Sept. 2014 to 38 percent today.

 

www.BobsHomes.net

Bob Idakaar GRI

WEICHERT REALTORS

973-713-2377