Survey Shows Strong Confidence In Housing Market In July

Dated: 08/14/2016

Views: 607

Northern VA real estate map

According to the Fannie Mae Homebuyer Sentiment Survey homebuyer confidence rose in July 2016 to an all time survey high.

Survey results revealed:

  1.  33% of Americans say it’s a good time to buy a house, a 1 percentage increase over June.

  2. 20% of Americans say it’s a good time to sell a home, a 2 percentage point increase from June (a new survey high).

  3. 41% of Americans believe home prices will rise, an 8 percentage point increase from June.

  4. 36% of Americans believe mortgage rates will drop over the next year.

  5. 69% of Americans say they are not concerned with losing their job, a 1 percentage point increase from June.

  6. 11% of Americans say their household income is significantly higher than it was 12 months ago, a 3 percentage point increase from June’s sharp decline.

The share of consumers who said they would buy if they were going to move climbed to 67 percent, while the share of consumers who said they would rent dropped to 26 percent, an all-time survey low.

With mortgage interest rates remaining at historically low numbers and local inventory in Fredericksburg, Stafford, and Northern Virginia remaining relatively in balance at most price points, 2016 continues to look like the perfect time to Buy or Sell real estate in our market.

Contact a Berkshire Hathaway HomeServices Select Realty agent to learn more about the Northern Virginia real estate market.

Dan Lesher

After 15 years in sales, Dan Lesher began his career in real estate in 1997 with the goal of providing superior customer service, inspired by his own experience with lackluster real estate agents. Ove....

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