Most Americans believe now is a good time to sell a home

Most Americans believe now is a good time to sell a home

Most Americans believe now is a good time to sell a home
Ordinarily, record low mortgage rates indicate that home buyers are at an advantage when house-hunting. But as the scarcity of homes for sale remains acute, the general consensus among the American population is that it’s not a good time to buy.

The latest Fannie Mae Home Purchase Sentiment Index shows that as of June, 64 percent of survey respondents believe now is a bad time to buy a property. This is up from 56 percent in May. Meanwhile, the percent of people who say current conditions make it a good time to sell a home reached 77.

The biggest factor weighing on the scales in favor of sellers is record home prices. Black Knight data shows that U.S. home prices reach yet another all-time high in May.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.