Image via Flickr courtesy of Camdiluv
Interesting news is out from two separate housing surveys published in March. Both say the same thing based on their findings – people are feeling more confident about real estate.
National Housing Survey
The Fannie Mae National Housing Survey is a monthly survey of 1,000 Americans to determine their attitude and feelings on the housing market. The findings this past month were optimistic.
- 54% believe getting a mortgage is easy – a record high for the survey.
- 46% believe home prices will go up.
- 6% believe prices will drop.
- 67% said now is a good time to buy a home.
- 40% said it’s a good time to sell.
- 46% believe their own financial situation will improve over the next year.
- 24% said their household income is higher than a year ago.
While believing something does not automatically make it fact, this is all good news. As people’s confidence in housing and the economy returns, they may be more willing to try to buy a home and seek out mortgage programs such as three percent or five percent down mortgage products.
Mortgage Service Index
TD Bank released it’s third annual Mortgage Service Index. Nearly 1,500 Americans who have purchased a home within the last 10 years were surveyed.
- 30% said now is a good time to buy. This is up from 20% the year before – a 10% gain.
- 29% reported they are likely to buy a home in 2015.
- 68% said their most recent home buying experience was a good one.
- 65% reported they were able to get approved for a mortgage.
The not-so-surprising finding in the report was that 44 percent of respondents were unaware of home affordability programs available for home buyers. While many cater to first time homebuyers, there are programs across the country designed for low-to-moderate income buyers that can help with down payment and closing costs. Locally, the Escambia County Housing Finance Authority serves Northwest Florida, but you can also check Down Payment Resource for available programs in any part of the country.
Only you know if you’re ready to buy or sell your home, but if you’re unsure whether you qualify for assistance or if now is the time for you, it pays to do your research. You might be surprised at what you’re able to do in today’s housing market.
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