WASHINGTON – Jan. 17, 2016 – An improving financial picture prompted more consumers to say it’s a good time to sell a home, according to Fannie Mae’s latest Home Purchase Sentiment Index, which capped off its strongest year so far. The share of consumers who said their income was significantly higher than it was 12 months ago rose nine percentage points on net in December.
“Consumers ended the year on an improved note with regard to their income, job security and overall economic outlook,” says Doug Duncan, Fannie Mae’s chief economist. “Brightening economic prospects, if sustained, should stimulate demand for homeownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time homebuyers could face affordability constraints.”
Fannie Mae says that that 40 percent of 1,000 respondents surveyed said they are confident home prices will rise this year.
Also, respondent’s personal financial picture is improving. Eighty-five percent said they’re not concerned about losing their job, which ties an all-time survey high. And the number of respondents who said their household income is significantly higher than it was 12 months ago increased 9 percentage points to 15 percent.
© 2016 Glen Rock Gazette, North Jersey Media Group, Inc. All Rights Reserved.