Is it “A Good Time To Sell”?
In a recent survey conducted by mortgage financing org and real estate data company Fannie Mae, 66% of consumers say now is a good time to sell their home. Inventory is at its highest point of the year, but thats typical for this time of year. Despite all this, transactions are down y/y from 4.88 million to 4.07M or a decrease of 16.6% nationwide.
The Fannie Mae Home Purchase Sentiment Index® (HPSI) remained effectively unchanged in August. This indicates consumer confidence toward housing remains at “the low-level plateau set earlier this year,” said Fannie Mae’s Senior President and Chief Economist Doug Duncan.
Home builders remain hot as indicated by new housing starts. This driven by existing home owners staying put – referred to as the “lock in effect”. The vast, overwhelming majority of homeowners are locked into a low rate, and don’t desire to move up to a higher rate like the current 7.12% 30 year. In this interest rate environment, actual movers remain driven by strong life events that require a move.
Life event triggers remain a powerful indicator of propensity to move, and Revaluate’s artificial intelligence leverages that data to score prospects. You can get your prospects scored by Revaluate by setting an appointment to talk with a data nerd here.
Want more data and graphs? Me too! We recently compared today vs the great financial crisis (GFC).
