Buyers Arent Taking Advantage Of Favorable Market

Dated: 11/16/2019

Views: 73

As home buyers become more fearful about the strength of the economy, they are treading cautiously in the housing market. Many would-be buyers are putting their home searches on hold and waiting to see if recession becomes reality. In the short term, that dynamic is helping to cool buyer competition—and buyers who act now to purchase may find themselves in a more powerful negotiating position.

Consumer sentiment about the national real estate market improved in August, mostly due to a large share of Americans who think mortgage rates will continue to fall, according to Fannie Mae’s most recent housing index. But fewer buyers say they think now is a good time to buy, and fewer homeowners say they think it’s a good time to sell. “Unfortunately, much of the lower interest rate environment can be attributed to global economic uncertainties, which appear to have dampened consumer sentiment regarding the direction of the economy,” says Doug Duncan, chief economist at Fannie Mae. “We do expect housing market activity to remain relatively stable, and the favorable rate environment should continue supporting increased refinance activity.”

Vivienne Cunningham


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