Good News for the Minneapolis Market as Consumer Confidence Rose in October
Americans are once again feeling more positive about the housing market across the nation, as reported by the recent Fannie Mae October 2014 National Housing Survey. This is wonderful news for those that may be considering selling a home in the Twin Cities region.
Fannie Mae, a government-backed mortgage giant, found in their most recent survey that the number of Americans who felt it was a good time to sell their home rose to 44 percent. This is a new all-time high in the history of the survey, which has been in place for the past four years. The survey also revealed that many across the nation feel that the housing market is a buyer’s market. 65% of responders felt that now was a good time to buy a home.
"Home priceexpectations rose significantly this month, largely reversing the dip witnessed over the past four months, and the share of consumers who think it’s a good time to sell a home reached another survey high,” said Fannie Mae senior vice president and chief economist at Fannie Mae Doug Duncan. "The narrowing gap between home buying and home selling sentiment may foreshadow increased housing inventory levels and a better balance of housing supply and demand. These results may help drive a healthier housing market in 2015.”
Survey respondents also felt by an overwhelming 44 percent that home prices will rise in the next year. 48 percent of those surveyed believe that mortgage rates will increase over the next 12 months, up from 45 percent from the September survey.
"Consumers are growing more optimistic about the housing market in the face of broader improvement in economic sentiment,” said Duncan. "The share of consumers who expect their personal finances to get better is near its highest level since the survey’s inception, while those expecting their finances to get worse reached a survey low.”
If you are looking to buy or sell a home this fall contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065