Sellers Agree Now Is A Good Time To Sell
Fannie Mae's June National Housing Survey results may be an indication that an increasing number of current homeowners are thinking of putting their home up for sale. That's because a record number of survey respondents said they believed now was a good time to sell a house or condominium.
In fact, 52 percent of participants thought so, a new survey high and the first time a majority said it was a good time to put a property on the market. That's good news for the real estate housing market and for potential home buyers and buyers looking at condos for sale. With an uptick in the number of existing homes available for sale, upward pressure on prices should moderate. That means, more choices and better prices for buyers. Combined with the fact that Fannie Mae's survey also found 60 percent of Americans believe that rental prices will continue to rise over the next year, consumer attitudes may point to continued gains for the real estate market.
Doug Duncan, Fannie Mae's senior vice president and chief economist, said the results show the positive impact of job and income growth. “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates,” Duncan said. “A complementary rise in the good time to sell measure suggests that limited inventory, which is putting upward pressure on house prices, gives an increasing advantage to sellers.
Together, these results point to a healthier home purchase market, with more renters likely to find owning to be more cost-effective than renting and more sellers confident in their property value, are likely to put their homes on the market.”