Consumers continue to be pessimistic about home prices – with many saying that values still have further to fall – but they also believe, overwhelmingly, that now is a good time to buy.
According to new survey results compiled by Fannie Mae, 69% of those surveyed said now is the time to purchase – a 1% increase from a prior survey. However, just 10% believe now is a good time to sell.
Meanwhile, 31% told the GSE that they would rent their next home, while 66% expressed a desire to own.
Fannie's researchers focused on both housing and the earnings powers of respondents, finding that 46% believe their personal income will stay flat over the next 12 months.
An all-time high of 65% said their income is about the same as it was a year ago.
Overall, Fannie surveyed 1,002 consumers over the telephone, asking 100 different questions about mortgage rates, housing values and related topics.
