A majority of homeowners – 58 percent - believe that the housing market is either currently in or on the verge of a housing bubble and price correction within the next two years. This is according to a recent survey conducted by ValueInsured's Modern Homebuyer Survey of 1,000 American property owners.
Escalations over the last few years have led many to believe that prices are near their peak and question whether or not their homes will hold their value. 57 percent of respondents believe the homes in their area are overvalued and that current prices are unsustainable over a long period of time.
"We see more home buyers concerned with timing the market," said Joe Melendez, CEO of ValueInsured. "No one wants to buy at the peak and find themselves underwater as so many did a decade ago."
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.