Fannie Mae Index Survey: It's A Good Time To Buy (Or Sell) A Home!

The June 2020 Fannie Mae’s Home Purchase Sentiment Index has come out and things are looking good with four out of six components it measures increasing from the month prior. Here's a quick rundown of the survey results:

-Now is looking like a really good time to buy a home according to 61% of Americans surveyed, which increased from 52% in May.

-Now is also a good time to sell per 61% of respondents, almost doubling from 32% in May. -As for home prices, 34% expected them to go up in the next 12 months, 31% thinks they'll stay the same while 25% are believe they'll go down; back in May only 26% shared their expectations of a home price increase.

-26% of respondents have concerns over losing their job in the next 12 months but 74% are confident they'll be keeping theirs.

-Back in May, 18% of respondents reported a significantly higher household income from 12 months before. June saw an increase to these respondents at 25%; on the other hand, 58% say their household income is about the same while 16% confided that their household income has significantly lowered.

-Mortgage rates look to stay near record lows based on the opinion of 42% of the respondents but there seems to be some urgency among some buyers when you take a look at the respondents who expect mortgage rates to rise. May had 25% believing in an increase while June had 32% predict them to go up.

In addition, the index notes that we now have the highest level in five years when it comes to share of renters who find now is a good time to buy a home. First-time home buyers can also expect to enjoy more favorable conditions. Homeowners are feeling the positive vibes, too.

Source:

https://magazine.realtor/

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Fannie Mae Index Survey: It's A Good Time To Buy (Or Sell) A Home!