“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, Fannie Mae’s chief economist. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is more compelling house choice.”
Are you part of the 73% increase of people who think that now is a good time? With home prices and rental prices estimated to rise in the months to come, any hesitation may detriment a buyer-to-be’s chances as securing the deal they want.
Source: “Americans’ Expectations Align to Encourage Home Buying,” RISMedia (May 6, 2012)