If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring. According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”
What Does This Mean?
Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market. If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.
The study also revealed that:
“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”
As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:
“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“
There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for?