Buyer Optimism Trending UpPosted 06/06/2014
As we enter the peak of home-buying season, it appears that overall consumer confidence is on the rise, according to the latest Fannie Mae National Housing Survey.
The survey revealed 38 percent of the share of respondents are beginning to think now is a good time to sell their home — up from 26 percent last year at the same time. Fifty-two percent of respondents also believe it’s easy to get a mortgage, matching the all-time survey high.
These numbers, combined with a rising demand in the residential housing market and expert predictions of an economic growth still in 2014, point to a broader overall acceleration in the real estate market. And it doesn’t appear to be slowing down anytime soon.
“Looking forward, we expect to see a pickup in economic growth later in the year, and this may boost the confidence of prospective buyers and sellers,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
Although the housing recovery continues to be erratic, a problem that Duncan attributes to rising mortgage rates and a lack of supply, consumers are less pessimistic about their financial stability and more optimistic about the current selling market.
"Consumer attitudes about the current home selling environment have improved and now are at the most favorable level we’ve seen in the survey’s four-year history,” said Duncan.
According to the survey results, concerns about job loss among employed consumers has hit a record low, as well, further reinforcing consumer confidence.
“These results are in line with our expectations for increased housing activity and gradual strengthening of the housing market going into the spring and summer selling season,” said Duncan.
Photo credit: Diana Parkhouse / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)
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