The past few years have been challenging for home buyers. Rising mortgage rates and higher home prices have worsened affordability conditions and made potential home buyers increasingly hesitant about purchasing a home. In fact, according to Fannie Mae’s monthly Home Purchase Sentiment Index – which gauges Americans’ perception of the housing market and overall economy – a majority of Americans still feel cautious about entering the market, with most saying they don’t think this is a good time to buy. But while many remain hesitant, a growing number say they feel the time is right. For example, Fannie Mae’s index found a 7 percent month-over-month increase in the share of Americans who say they think now’s a good time to buy a home. Similarly, the share who say they’d buy, rather than rent, if they were ready to move was also up, climbing 3 percent from the previous month. What’s behind the increase? Well, it could just be the usual spring bump in buyer demand. It could also be that slower price increases, more inventory, and less buyer competition has more Americans feeling like this spring might be the right time to buy. (source)
