Nearly twice as many people believe now is a good time to sell a home compared with a year earlier, according to a new survey from Fannie Mae.
The federal mortgage agency’s National Housing Survey for March found that 26 percent of Americans believe the time is right for homesellers, up from 14 percent in March 2012. Housing sentiment has been climbing steadily over the past 12 months as home prices posted double-digit increases and mortgage interest rates remain near record-low levels.
Those who believe now is a good time to buy, meanwhile, have held steady over the past year at 71 percent.
“Despite an uptick in concern expressed about the direction of the economy, it appears consumers believe that the housing recovery will march on,” Fannie Mae’s chief economist, Doug Duncan, said in a statement accompanying the survey.
“Housing sentiment remains unshaken from the highs of the last few months. At the same time, perhaps driven by the experience of the past several years, consumers remain cautious in their housing outlook.”
The number of survey respondents who favor selling a home has hit the highest level since Fannie Mae introduced the National Housing Survey in June 2010.
Also, 48 percent believe home prices will continue rising next year, up from 35 percent a year ago and another record high.
Fannie Mae said Americans are increasingly optimistic about the housing markets even as they are slightly more pessimistic about their personal finances and the economy.
The survey found 35 percent of respondents believing the economy is on the right track, down from 38 percent in February but up from 34 percent in March 2012.
The survey found 39 percent of March respondents expect their personal financial situation to improve over the next year, compared with 41 percent in February and 44 percent a year earlier. The share of those who believe the economy is on the right track fell three percentage points to 35 percent from February to March, but that number was up 1 point from a year earlier.
(Photo courtesy of J.G. in S.F., via Flickr.)