According to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey, several key housing market indicators point to increasing numbers of home purchases. Why? Americans now expect both home and rental home purchase prices to increase over the next year.
“Conditions are coming together to encourage people to want to buy homes,” said Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
Rates remain low and home prices are on the rise. Inlanta Mortgage loan officers are here to help you evaluate if now is the time to become a homeowner. Our mortgage professionals understand that the decision to purchase a home is often the most important financial decision you will ever make and can help you make rent versus buy calculations. Click here to find a licensed mortgage loan officer near you.
Here is some of the raw data availalbe in the March 2012 Monthly National Housing Survey conducted by Fannie Mae:
- 33% of respondents expect home prices to increase over the next 12 months – up 5% percentage points from last month
- On average, Americans expect home prices to increase 0.9% over the next 12 months
- 39% of Americans expect mortgage rates will go up in next 12 months
- 73% of respondents believe now is the time buy a home – up 3 percentage points from last month
- the number of respondents saying it’s a good time to sell also increased one percentage point from last month
- 48% of respondents expect home rental prices to increase in the next 12 months. In fact, respondents expect home rental prices to increase by 4.1% over the next 12 months – the highest recorded number to date
Whether you are ready to make the leap to home ownership or not, it is never too early to begin learning about the process. Explore our other blog posts on the Home Buying Process here. Learn why home ownership matters, why you need to get pre-approved for a mortgage before shopping and much more!
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.