Is It a Bad Time To Buy a Home? Most Americans Think It Is as Prices Continue Soaring
Is It a Bad Time To Buy a Home? Most Americans Think It Is as Prices Continue Soaring
Abstract
Most Americans do not think it's a good time to buy a home. Record-high home prices, a dire shortage of homes for sale, and now rising mortgage interest rates have made it seem nearly impossible for many buyers to find, then afford-let alone win a bidding war on-the homes of their dreams. That's why about 79% of renters and homeowners in May believed it was a bad time to purchase a home, according to a recent Fannie Mae report. This resulted in just 17% of consumers thinking it's a good time to pull the trigger on a home purchase, according to the report. While it might not be a great time to buy, about three-quarters of those surveyed, 76%, believe it's a good time to sell a home. "The key is if you have a place to go." This is likely because nearly half, 47%, expect home prices to continue rising over the next year. "We expect the pace of home price appreciation to slow significantly." Watch: Do You Know the New Rules of Homebuying in Today's Crazy Market?