Fannie Mae Says: “Good Time to Sell!”
The October National Housing Survey is in, and the outlook is good. Overall, it would seem that we are seeing a continuation in the trends that have been marking an improving economy throughout the past months. Between improving mortgage conditions and personal economic situations, it would seem that it is finally a good time to sell.
The percentage of survey respondents who expected home prices to go up in the coming year dropped to forty-four, down one point from the previous month. The percent who expect home prices to go up also dropped one point to seven percent. It would seem that we can probably expect prices to remain more or less the same for a while.
As far as mortgage rate projections go, respondents who expect them to go up jumped from forty-five percent to forty-eight percent, while those who expect them to stay the same dropped from forty-five to thirty-eight.
A big factor that’s going to be tipping the market in favor of sellers is going to be the improving economic situation for potential buyers. An increasing number of people expect their personal financial situations to improve over the coming year, which means more people looking to move up. This all adds up to favorable conditions for home sellers.
