A new overview of the housing market shows an improved growth. With the steady rising of income (up 0.4%) and employment, a survey proved that there is a boost in the consumer housing outlook.
The survey that was sent out by Fannie Mae, came with incremental gains across the board. Reports of an increase in 12 month income is up 4% to an almost record breaking 28% and expectations of increased financial standing rose 1% to 46%.
The survey also concluded that consumers believe now is a prime time to sell a home, reaching an all-time-high of 49%, while the belief that now is a good time to buy a home also increased 3%, climbing back up to 66%. The survey also showed a 3% increase in consumers who would rather buy than rent a home.
We believe things are picking up for the housing market. With the two leading indicators (growth in overall income and consumers believing it’s a good time to buy and sell), our prediction of a healthier housing market in 2015 is well on track.