Consumer data shows that Americans are taking a "wait and see" approach to buying and selling a home, according to Fannie Mae’s May 2012 National Housing Survey.
Take a look at these stats. Buyer sentiment is high, our Central Valley prices have already gone up 3 to 5% and interest rates remain low. It’s time for Buyer’s to buy and Sellers to sell!
- On average, Americans expect home prices to increase by 1.4% over the next 12 months, up 0.5 percentage points since March 2012 and the highest value yet recorded. (Buyers should buy!)
- Thirty-four percent of respondents say that home prices will go up in the next 12 months, the highest level recorded since March 2011. (Buyers should buy)
- Forty-one percent of respondents expect home mortgage rates to go up in the next twelve months, a slight increase from last month.
- The percentage of respondents who say it is a good time to buy increased by 1 percentage point to 72 percent, while the percentage of respondents who say it is a good time to sell remained at 15 percent.
- On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, a 0.5 percentage point increase versus last month a return to the level seen in March.
- Forty-nine percent of respondents think that home rental prices will go up, consistent with last month’s value and remaining the highest number recorded to date. (Renters should buy)
- At 32 percent, the percentage of respondents who would rent if they were going to move is unchanged, while 63 percent would buy.
