When there are more home buyers than homes for sale, that’s a seller’s market. Homeowners can get top dollar for their homes, since buyers have fewer options to choose from. That’s the case in today’s market. And, according to Fannie Mae’s most recent Home Purchase Sentiment Index, Americans are noticing. In fact, the survey component measuring whether respondents think it’s a good or bad time to sell a house saw a 13 percent increase in participants who said now is the right time to sell. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says Americans are becoming more optimistic and it’s pushing home-selling sentiment higher. “The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and the spring home buying season began – perhaps with even more intensity this year, since 2020’s spring home buying season was limited by virus-related lockdowns,” Duncan said. “Home-selling sentiment experienced positive momentum across most consumer segments – nearly reaching pre-pandemic levels and generally indicative of a strong seller’s market.” (source)
When it comes time to make a move, you first have to decide whether you’ll rent or buy your next place. For most of us, this decision is primarily a financial one. Surveys consistently show a majority of Americans say they hope to own their own home one day. Which means, many renters are doing so because they aren’t financially ready yet to buy a home. It also means that, among current renters, there are many who are making plans to buy someday soon. And it seems, for an increasing number of them, that day has come. In fact, according to new research from Freddie Mac, renters were more likely than existing homeowners to buy homes last year, especially during the late summer and early fall. Additionally, Freddie Mac found that the likelihood that current homeowners would sell their homes has held steady at 18 percent since the beginning of the year, while the likelihood that renters would look to purchase a home has hovered around 35 percent. In other words, a lot of the current demand for homes is coming from renters who are now ready to buy. (source)
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