A convergence of factors is leading more Americans to believe that now is a good time to buy a home, according to the latest Fannie Mae Housing Survey. The belief that rents, home prices and mortgage rates all will rise this year contributed to that determination.
The monthly survey conducted in March found that 73% of respondents believed now is a good time to buy a home, up from 70% in February. “Conditions are coming together to encourage people to want to buy homes,” Doug Duncan, vice president and chief economist of Fannie Mae, said in a news release. “With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
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