Fannie Mae’s monthly Home Purchase Sentiment Index surveys Americans to gauge their feelings about the housing market and economy. The survey asks participants whether they think now is a good time to buy or sell a home, if they believe mortgage rates and prices will rise or fall, and how they feel about their job and income. In March, respondents said they feel now is a good time to sell a house, with 74 percent agreeing that the time is right for homeowners who are ready to make a move. Unfortunately, while the number of participants who think it’s an opportune time to sell continues to rise, the number who say it’s a good time to buy has been falling. Mark Palim, Fannie Mae’s vice president and deputy chief economist, says there are a few factors behind the decline. “The ‘Good Time To Buy’ component of the index reached yet another record low, with high home prices, rising mortgage rates, and macroeconomic uncertainty serving as consumers’ chief concerns,” Palim said. However, though Americans have concerns, they are also feeling more confident about their jobs and income. The survey found 86 percent of participants said they aren’t concerned about losing their job and the number who said their household income is higher than it was a year ago rose 2 percent from the month before. (source)
