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More Americans Think it's Time to Sell -Survey

by devteam May 8th, 2014 | Share

Fannie Mae is taking an upbeat view ofrnthe housing market over upcoming months because of the general improvement inrnAmericans’ outlook revealed in its most recent National Housing Survey.  Respondents to the April survey were lessrnconcerned than they have been in the past about losing their jobs, more upbeatrnabout the direction of both home prices and interest rates, and the numbers whornview it as a good time to sell a home hit a survey high of 42 percent. </p

It was the third month that the ‘goodrntime to sell’ outlook increased which is good news as many potential move-uprnbuyers must sell before they can buy.  Thernnumber of respondents who think it is a good time to buy remained steady at 69rnpercent.  </p

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“Our April survey resultsrnsuggest that consumer confidence is moving in a positive direction,” saidrnDoug Duncan, senior vice president and chief economist at Fannie Mae.rn”Consumer attitudes about the current home selling environment havernimproved and now are at the most favorable level we’ve seen in the survey’srnfour-year history. Consistent with Friday’s upbeat jobs report, concern aboutrnjob loss among employed consumers also has hit a record survey low. Thesernresults are in line with our expectations for increased housing activity andrngradual strengthening of the housing market going into the spring and summerrnselling season.”</p

The number of respondents who expectrnhome prices to increase over the next 12 months increased from 48 to 50rnpercent, reversing the March change.  Thernaverage expectation for a price increase rose from 2.7 to 2.9 percent</p

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The survey found that some respondentsrnthink the rapid rise in mortgage rates over the last months may at least slowrndown.  Fifty-two percent expect furtherrnincreases while 7 percent say rates will go down compared to 54 percent and 3rnpercent last month.  Thirty-eight expectrnno further rate changes.</p

Higher rents were anticipated by 52rnpercent of respondents, unchanged from March, but only 2 percent, a survey low,rnexpect rental prices to fall.  Thernaverage 12 month rental price increase was 4 percent, down from 4.2 percent.</p

One big change was in the number ofrnsurvey participants who thought it would be easy for them to obtain arnmortgage.  It fell 7 percentage points torn45 percent.  At the same time the sharernof those who said they would buy if they were going to move was down 3rnpercentage points to 65 percent.</p

The share of respondents who saidrntheir household income was lower than 12 months ago went down to 12 percent tyingrnthe all-time survey low while those who expect their personal financialrnsituation to get better or stay the same was virtually unchanged</p

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On the right track/wrong trackrnquestion the number of right track responses increased by two percentage pointsrnbut that view is still only held by 35 percent of survey respondents. .</p

The Fannie Mae National HousingrnSurvey polled 1,000 Americans via live telephone interview, asking more thanrn100 questions about attitudes toward owning and renting a home, home and homeownershiprndistress, the economy, household finances, and overall consumer confidence.  Respondents include both renters andrnhomeowners and the current survey conducted between April 1, 2014 and April 21,rn2014.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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