Source: Jason P Miller, RealtyTimes.com
Last week, Fannie Mae released their January 2014 National Housing Survey results. Two categories reported all-time survey highs.
- 52% of respondents thought it would be easy for them to get a home mortgage today.
- 70% of respondents said they would buy if they were going to move.
Doug Duncan, senior vice president and chief economist at Fannie Mae explained what this may mean to the real estate market moving forward:
"A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey's thee-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month's increase in consumers' intention to buy rather than rent their next home. The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support out view of stronger growth in the broader economy."
With home prices projected to increase in 2014 (albeit at a slower pace than they did in 2013) and with mortgage rates projected to increase, it is good news that consumers are becoming more confident in their ability to buy a home if they so desire.
Low inventory and increasing demand to buy homes makes this a perfect market for you to sell your home. If you are interested in selling your home, Call me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.
