After a minor hiccup in August, consumers’ opinion on the real estate market is back on a positive track. Geopolitical tensions and choppiness in domestic financial markets has left some uneasy about the future of the economy, however data shows that confidence is picking back up. September numbers show an uptick in the number of people who say it’s a good time to buy and the number of those who would buy a home if they chose to move today. These results are unsurprising given that mortgages rates will likely rise in tandem with interest rates – whenever the Fed choses to raise them.
One of the more notable results was that 40 percent of surveyed citizens saw the economy heading in the right direction, up from 35 in the last reading. Although the data was positive, Doug Duncan, senior vice president and chief economist at Fannie Mae, doesn’t believe it will be enough to sustain annual price increases we’ve seen in recent years. “It might be too late to save this year’s home sales from posting the first decline in five years. However, the return to an upward trend in housing sentiment, combined with this month’s positive news on the jobs front, suggests that a broad-based, albeit measured, housing recovery is on track to resume in 2015” says Duncan.
With prices likely to begin rising in the next year, if you’re in the market for a new house, apartment, or condo, now is a good time to start looking. Miami real estate offers a plethora of options for all types of buyers. From luxury condos to commercial real estate, let RE/MAX help you find the right property. If the Miami area is of any interest to you please feel free to reach out to an agent today!