Tuesday, December 11, 2012 / by Carlos J Higareda
More Americans are growing confident about selling, with the share of those who say now is a good time to sell rising 5 percentage points in November to 23 percent and reaching its highest level since Fannie Mae started its survey in June 2010.
The rise in those who say it's a good time to sell has helped narrow the gap with those who say now is a good time to buy, according to Fannie Mae’s November 2012 National Housing Survey, released Monday. Americans are also getting more confident about the direction of the overall housing market and the economy, according to the report.
“Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs,” says Doug Duncan, senior vice president and chief economist of Fannie Mae.
Fourteen percent of those surveyed say they expect home prices to drop within the next year. Meanwhile, 37 percent believe home prices will go up in the next year, which matches the survey high.
Fifty-one percent of those surveyed say it would be easy to get a mortgage now--which is the highest rate since the survey’s inception. But 41 percent say they expect mortgage rates to soon rise from their record lows.
“This growing confidence in a housing recovery, in addition to other factors, may reinforce growing consumer optimism regarding the improving direction of the general economy,” Duncan says. “Those indicating that the economy is on the right track has risen to 44 percent while those saying it’s on the wrong track has fallen to 50 percent, the smallest gap since the survey's inception.”
Source: Fannie Mae