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Fannie Mae Survey: now is the time to sell

Posted by The Aramco Group on Wed, Jun 15, 2016 @ 14:06 PM

The share of Americans who say that it is a good time to buy a home fell one point to 29 percent, reaching an all time low for the second straight month while the number of people who thought it was a good time to sell climbed higher. American's perceptions about the housing market are reflected in Fannie Mae's monthly Home Purchase Sentiment Index.

One of the largest gains was a seven percent increase in individuals who reported that their income was significantly higher than it was a year ago. The survey also indicates that consumers expect home prices to increase and mortgage rates to drop in the next year.

"Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it's a good time to buy a home," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The current low mortgage rate environment has helped ease this pressure."

Today, conforming no-point 30-year fixed mortgage rates average 3.625 percent while the 15-year rate is near 2.875 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.