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Friday, April 13, 2012

More People think NOW is the time to Buy a home!

There are many factors that help motivate people consider a home purchase to be the "right" choice.  I have written multiple posts on the topic of why now is a great time to buy real estate, and I am not alone in this venture.  Real estate professionals, economic analysts, and even investors have commented on why this is truly a great time to buy real estate.  Interest rates remain historically low, housing prices are beginning to stabilize at lower prices in several markets, and it is now considerably more affordable to purchase a home than rent in 98 out of 100 of the largest US cities.  Looking at these factors alone would make it hard for most people to argue against the benefits of purchasing a home.

New data, according to the most recent Fanni Mae Housing Survey, shows that most consumers think now is a good time to buy as well.  According to More Americans think it's time to buy a home, an article on MSN Real Estate, 73% of respondents, up from 70% in February, agreed that 2012 is the time to buy a home.  According to this article, these were some of the factors leading people to favor buying sooner rather than later:
  • 33% expect home prices to increase, the highest percentage in more than a year, and 5 percentage points higher than the previous month.
  • 39% expect mortgage rates to rise in the next year, up five percentage points from the previous month.
  • 48% expect rents to go up, up three percentage points from the previous month and the highest number recorded since the survey began in 2010.
  • 44% expect their personal financial situation to improve in the next year, the same percentage as the last three months.

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