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St Louis Real Estate Search

Three out of four people say now is a good time to buy a home

now is a good time to buy a home

Nearly three out of four people (74%) say now is a good time to buy a home, according to the July 2013 National Housing Survey by Fannie Mae.  In addition, forty-percent of the people surveyed feel now is a good time to sell a home, this is up for 36 percent that felt that way the month before and matches the survey high since it’s inception.

SURVEY HIGHLIGHTS:

  • At 3.9 percent, the average 12-month home price change expectation increased slightly to match May 2013’s survey high.
  • The share of people who say home prices will go up in the next 12 months fell 4 percentage points from June’s survey high to 53 percent, while those who say home prices will go down reached a survey low of 6 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months jumped 5 percentage points to 62 percent, the highest level since the survey’s inception.
  • The share who say it is a good time to buy a house increased slightly to 74 percent, and those who say it is a good time to sell a house increased 4 percentage points to 40 percent.
  • The average 12-month rental price expectation fell to 4.2 percent, a 0.4 percent decrease from last month.
  • Fifty-four percent of those surveyed say home rental prices will go up in the next 12 months, a 2 percentage point decrease from June’s survey high.
  • Forty-five percent of respondents think it would be easy for them to get a home mortgage today, a 2 percentage point decrease from last month.
  • The share of respondents who said they would buy if they were going to move decreased slightly to 64 percent.
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