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Improving Housing Market: 73% Believe Now is the Time to Buy

improving housing marketWill this spring and summer selling season be the turning point? Consumers have noticed that rents are rising and home prices and interest rates are at enticing levels. They also expect interest rates to rise over the next year.  “Sixty-six percent of survey participants say they would buy their next home if they were going to move.” Only 30% state that they would opt to rent instead.

A RISMedia article, posted May 6 spotlights encouraging results from Fannie Mae’s 2012 Consumer Attitudinal National Housing Survey. The survey found Americans expect rental rates and home prices to increase over the next twelve months. Specifically, 48% of those surveyed expect rental prices will increase by 4.1% and 39% anticipate mortgage interest rates will increase over the next year.  This combination of factors “may be providing Americans with an increased sense of urgency to buy as 73% of Americans now believe it is a good time to buy a home …, ” concluded Doug Duncan, Vice President and Chief Economist of Fannie Mae.

Check out the RisMedia article to read more about the survey’s conclusion that today’s economic conditions are  encouraging home purchases.

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