Consumer attitudes towards the current real estate market seem to look up. Even so the ecomony seems to not have the positive outlook housing does. With the sentiment that interest rates will rise, home buyers have flocked into the real estate market to buy while rates remain low. These were some of the views of Fannie Mae’s chief economist Doug Duncan.
Fannie Mae conducted a telephone survey and polled 1,002 Americans. Here is what they found.
Homeownership and Renting
- Average home price change expectation is 1.6 percent, largely consistent with last month and down from a June high of 2.0 percent.
- Eleven percent of those surveyed say home prices will go down in the next year, holding steady at the lowest level since the survey’s inception in June 2010.
- At 40 percent, the percentage of respondents who say mortgage rates will go up in the next 12 months has increased by 4 percentage points since July.
- Eighteen percent of respondents say it is a good time to sell, the highest level since the survey’s inception.
- The percentage of respondents who say it is a good time to buy has remained steady at 73 percent.
- Forty-four percent of those surveyed say home rental prices will go up in the next year, a decrease of 3 percentage points, while 5 percent expect them to go down.
- The average rental price change expectation decreased 0.7 percent from last month to 3.2 percent, the lowest level since January 2012.
- The percentage of respondents who say they would buy if they were going to move increased slightly to 67 percent, while 28 percent would rent.
The Economy and Household Finances
- Consumer optimism continues to wane, with 33 percent saying the economy is on the right track, a slight decrease from last month and 5 percentage points lower than the May 2012 peak.
- The percentage of respondents who expect their personal financial situation to get worse fell slightly to 13 percent, while those expecting their personal financial situation to stay the same increased slightly to 41 percent.
- The share of respondents who say their household income is significantly higher than it was 12 months ago remained steady at 20 percent, while those who say it is significantly lower increased slightly to 16 percent.
- Fifty-six percent of those surveyed say their household expenses are about the same as they were a year ago, a slight decrease over July.
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