Record Low Homebuying Confidence Reported by Fannie Mae
A new survey conducted by Fannie Mae has found that more than 80% of Americans believe it is a “bad” time to buy a home. This is an increase from the previous month, where 78% held the same view. The survey, which has been tracking attitudes on home ownership and renting since 2010, is conducted with around 1,000 American adults who make financial decisions in their households. It found that while those surveyed expressed optimism in their personal financial outlook, rising home prices and interest rates have kept them from considering entering the housing market. Only 18% of respondents said it was a good time to buy a home. The survey also found that 36% of current homeowners are less likely to sell in the current market due to high prices and unfavorable mortgage rates. Additionally, 41% of respondents believe that home prices will continue to rise. Overall, the survey reflects a sentiment of low confidence in the housing market.
