Unemployment, the high cost of just about everything and bills piling up to the sky..We have been facing all these problems for awhile now. The unstable economy has been affecting all financial sectors especially the housing market. While all seems doom and gloom right now, Fannie Mae, the Federal National Mortgage Association, has recently projected clearer skies this spring for real estate agents and buyers and seller alike. In its most recent national survey, Fannie Mae discovered that despite a gloomy winter with constant fluctuations in the housing market and in the country’s economic recovery, many still have high expectations for the warmer months.
Optimism is in the Air
When comparing survey results from February and March, the data shows that March reported more positive outlook from consumers. There was more than a 10 percent jump in those who felt it was a prime time to sell their house and even an increase in those who felt it was a good time to buy.
These results have been surprising considering that more than half of those who filled out the survey believed that mortgage rates would continue to go up over the next year. Despite this rate forecast, most of the participants are not concerned about their ability to get a mortgage.
Stabilizing Market Good for Sales
Opinions of potential home buyers about the price of homes has also become more positive as more of them expect prices to stabilize making buying a new home more affordable for most of the population. This is important when you think about all the renters who would love to finally have a place to call their own and not have to deal with landlords and increasing monthly rent any more.
Through this same survey, Fannie Mae also found that this positive attitude extended to not just to the housing market but to other financial areas as well. When looking to their future, more people this month believe that their personal financial situation will be improved in the next year and better personal finances means that people will start spending again.
Surprising though is that despite all this moves in the right direction, most people polled still believe that the economy as a whole is still heading in the wrong direction.
Taken all together however, the mostly positive indicators point to growing consumer confidence which will get even stronger when the economy stables out more later in the year. Hope and renewal seem to be the true forecast for this spring. So if you have been holding back from buying or selling your home or other property or not sure if this was the right time to refinance your mortgage, then this spring might be the optimum time for you to get the best deals. Even if you have bad credit, consider refinancing your mortgage to reduce your payments, transfer to a fixed rate or get cash to pay off other bills. This spring might be a great opportunity to get back on your feet again.