This year, we’ve been seeing lots of people purchasing homes and not as many people selling. However, this could be starting to change, according to Fannie Mae’s most recent housing survey. Fannie Mae’s Home Purchase Sentiment Index (HPSI) measures consumers’ views and expectation of the housing market. In March, this index rose 5.2 points from February, reflecting consumers’ increased confidence in the housing market.
The HPSI found that 61% of respondents believe now is a good time to sell a house. This is up from 55% in February, indicating that more people are beginning to think about selling. Those who believe it’s a bad time to sell have decreased from 35% to 28%, further cementing the finding that attitudes surrounding selling homes are growing more positive.
The HPSI is made up of six components that help it measure consumers’ attitudes toward the housing market. Four of those six components increased in March – homebuying conditions, home-selling conditions, household income, and home prices. This means people are growing more optimistic about homebuying as well. Plus, household income is on the rise, with 25% of respondents reporting that their income was significantly higher than last year. The sentiment surrounding home prices increased as well, with half of respondents believing home prices will increase in the next year, further creating the right atmosphere for more people to start selling their homes.
The housing market is always changing and adapting. Now that the market is ripe for selling and more and more people may be taking advantage of this, inventory could be on the rise, making it easier for those looking to buy to find their dream home. If you’re looking to buy or sell a house, make sure to contact us today. Our dedicated and experienced team of Loan Originators will be there to answer all your questions and guide you toward your goals.
Source: Fannie Mae
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