Buyer Confidence Dips as Housing Confidence Rises
Despite housing confidence becoming increasingly high, buyers confidence seems to be dipping, according to a recent report. It may be a great time to sell your home, however, that may not be totally true if there aren't enough buyers actively looking for one in your area.
"High home prices and good economic conditions helped push the share of Americans who think it's a good time to sell to a fresh record high. However, the upward trend in the good-time-to-sell share seen since last spring has done little to release more for-sale inventory," said Doug Duncan, senior Vice President and chief economist for Fannie Mae, according to National Mortgage News.
"The tightest supply in decades, combined with rising mortgage rates from historically low levels, will likely remain a hurdle for mobility and a persistent headwind for home sales."
Buyers are remaining cautious in what has been one of the most tread-lightly seasons in purchasing.
If mortgage rates continue to follow the upward trend, areas like California's Bay Area may continue to flourish due to heavy competition alone. However, sellers in areas that are struggling economically may have a much harder task ahead of them.
To learn more about the the dip in buyers confidence and spike in housing confidence, click on the image above.