Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home.
When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.
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SURVEY HIGHLIGHTS:
Homeownership and Renting
- The average 12-month home price change expectation jumped to 3.9 percent, the highest level since the survey’s inception.
- The share of people who say home prices will go up in the next 12 months hit a survey high of 55 percent, while those who say home prices will go down dropped to 7 percent, the lowest level since the survey’s inception.
- The share of respondents who say mortgage rates will go up increased 3 percentage points to 46 percent, while those who say rates will go down hit a survey low of 5 percent.
- At 76 percent and 40 percent, respectively, the shares who say it is a good time to buy a house and who say it is a good time to sell a house both reached survey highs.
- The average 12-month rental price change expectation dropped to 3.4 percent, the lowest level since September 2012.
- Holding steady from last month, 48 percent of those surveyed say home rental prices will go up in the next 12 months.
- Retreating slightly from last month’s survey high, 46 percent of respondents think it would be easy for them to get a home mortgage today.
- The share of respondents who said they would buy if they were going to move increased slightly to 66 percent.
The Economy and Household Finances
- At 40 percent, the share of respondents who say the economy is on the right track increased slightly from April to 40 percent.
- The percentage of people who expect their personal financial situation to get better over the next 12 months held steady at 41 percent.
- The share of respondents who say their household income is significantly lower than it was 12 months ago fell 3 percentage points to a survey low 13 percent.
- The percentage of respondents who say their household expenses are significantly higher than they were 12 months ago rose slightly to 32 percent.
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