In the latest survey from Fannie Mae measuring housing sentiment, 84% of respondents in September said now is a bad time to purchase a house, a survey high.
from Fannie Mae measuring housing sentiment, 84% of respondents in September said now is a bad time to purchase a house, a survey high. Just 16% believed it was a good time to buy, matching an all-time survey low set last year.
Real estate agent Stephen Bremis talks on his mobile phone while showing a property to a prospective buyer in Somerville, Massachusetts. Only 17% of respondents believe that mortgage rates will go down within the next 12 months, according to Fannie Mae, while 46% of consumers expect rates will continue to increase over that same period. The remaining 37% expect rates to stay where they are.
“This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Duncan said, “...but it may also reflect worry of some homeowners that sales values might be suppressed slightly if the pool of qualified homebuyers is constrained by elevated rates.”The reluctance of homeowners to list has kept inventory tight and home prices propped up.in September, according to Realtor.com. That’s up 0.
Duncan added: “In our view, all of this points to home purchase affordability remaining a problem for the foreseeable future, which we forecast will keep home sales sluggish into next year.”Kevin O’Leary Says a Coming Real Estate Collapse Will Lead to ‘Chaos’ — Here’s What You Need To Know
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