Fannie Mae’s March Housing Survey reveals that 73% of Americans believe now is a good time for buying a home.
Americans are just attracted to the current market and feeling more confident about the outlook for home values in the near future they know these conditions won’t last forever.
More statistics revealed:
- 44% expect their finances to get better this year
- 48% are afraid rents will keep on increasing
- More consumers expect mortgage rates to rise soon
- 33% expect prices of homes to increase soon
While it is likely that these assumptions are correct, what is more important that the consensus is positive and that together they mean buyers in the market are highly motivated to move quickly.
This is great news for sellers and real estate investors but perhaps not so much so for others interested in buying a home. Why? Because it means more competition, more buyers in the market and more eagerness to pay full asking prices or above. Unfortunately, it probably also means many overconfident sellers, demanding unrealistic asking prices. This will only be compounded as more people buy and the real stats continue to improve.
Now is a great time for buying a home but clearly waiting will almost certainly mean paying more in both purchase price and worse, higher interest rates. This doesn’t mean that those who have to wait 6 months shouldn’t consider buying a home. It just means those who can get in now have more to gain. The additional appreciation and long term savings from lower interest potentially means hundreds of thousands of dollars difference over the next 30 years. Add to this the compounded effects of this money invested over time and it is far more than most ever imagine.
Whether you are just contemplating buying your first home or are trying to rebuild your finances and assets, there is a door of opportunity open right now.
