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National Housing Survey shows 70 percent think it is a good time to buy a house

Dennis Norman

Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie Mae from December 2009 to January 2010 as well as one conducted back in 2003.Highlights from the National Housing Survey:

  • Eighty-two percent of respondents consider home-ownership important to the economy, up two percent from January.
  • Only 30 percent think the economy is on the right track, but 44 percent do expect their personal financial situation to improve in the coming year.
  • Seventy percent of respondents think it is a good time to
    fannie-mae-chart-good-time-to-buy

    Source: Fannie Mae National Housing Survey - September 2010

    buy a house
    , up 6 points from January and also 4 points higher than the 2003 survey.
    • Thirty-six percent think now is a very good time to buy a house.
    • But 83 percent said they believe it is a bad time to sell a house.
  • Seventy-eight percent think home prices will stay the same or go up over the next year, up five points from January, with an average price increase of 0.9 percent.
  • Eighty-four percent of consumers believe owning makes more sense than renting, down one point from January
  • Among renters, 69 percent believe owning makes more sense, down from 75 percent in January.
  • Among renters who would rent rather than buy if they were going to move, 63 percent said they plan to buy a home at some point in the future, down four points from January.
  • Sixty-seven percent of respondents said they believe buying a home is a safe investment. However, this is down three points from January and 16 percentage points from the 2003 survey – the largest drop by far among all investment types tracked since then.
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