September 10, 2020
A national survey of homebuyers reveals that faith is being restored in both the homebuying and home selling markets.
The Fannie Mae Mortgage loan company conducted a national survey through their Home Purchase Sentiment Index (HPSI) last month to see where consumers’ opinions on the housing market currently lie. The report reveals that after a small slip in sentiment towards the housing market in July, both homebuyers and home sellers feel more optimistic in August, continuing a positive trend that began in May of this year.
The HPSI from August shows that about 59% of national consumers feel it is a good time to buy a home; an increase of one percent from the same time last year. On the flip side, about 48% of home sellers believe that now is a good time to sell a home. This number may be far off from the reported 65% who felt it was a good time for home selling last August, but taken into account the catastrophic hit in sentiment which home selling experienced in April things seem to be shaping up.
The slow-but-steady return of optimism in both home buying and home selling markets is credited to the near-record low mortgage rates currently available. These mortgage rates have created a strong incentive for buyers to act now, helping keep the housing market successful in a time where most businesses are struggling to stay afloat. Fannie Mae’s HPSI also reported consumer’s thoughts on whether or not these current mortgage rates will continue; almost half of respondents believed it would. With these positive sentiments seemingly trending on all fronts, the housing market continues to be well-equipped to navigate through the current pandemic climate.
Marissa Saldivar // CIRB Journalism Intern // firstname.lastname@example.org