More Arizonians are optimistic that home prices will slightly increase up over the next year, with expectations that prices will climb at least 1.4 percent in that timeframe. That marks the highest amount ever recorded in the monthly National Housing Survey conducted by Fannie Mae.
Thirty-four percent — also the highest ever recorded — of the 1,000 respondents in the May housing survey say they expect to see a boost in home prices in the next year. Forty-one percent say they think mortgage rates also will rise over the next year.
“Both indicators suggest the potential that consumers may consider moving off the sidelines to purchase a home,” according to the survey.
Survey respondents also say they expect rental prices to continue to edge up over next year, projecting a 4.1 percent increase in that period.
Still, a slowdown in the pace of new jobs and income growth is creating a plateau in consumer sentiment that might delay a full recovery in the housing market, according to Fannie Mae’s survey. Fifteen percent of those surveyed reported that their household income is significantly lower than it was 12 months ago, which marks a record low in the annual survey.
“Our May consumer data show that Americans are taking a ‘wait and see’ approach about buying or selling a home,” says Doug Duncan, Fannie Mae’s chief economist. “This is not surprising given their assessment that their income during the past 12 months and their personal financial expectation for the next 12 have leveled off … Current jobs data are reminiscent of the spring slowdown that continued into the summer months during the last two years. If this pattern continues, we do not expect to see any significant upturn in consumer sentiment during the summer and a meaningful housing recovery likely will be delayed once again.”
If you’re thinking about selling your Metro Phoenix AZ home, Metro Phoenix investment property or other Phoenix AZ Real Estate, allow me to help make the transaction a smooth and pleasant experience.
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A few of my accomplishments include:
- Graduated with B.S. in Real Estate and Urban Development from the University of Tennessee in Knoxville TN.
- Full time Realtor for past 13 years servicing Metro Phoenix.
- Earned Brokers License in 2003
- Member of National Association of Realtors & Phoenix Association of Realtors.
- Prior to joining HomeSmart in 2009 was one of the top agents in ERA Encore Realty for 10 years.
- Prior to Real Estate Career I enjoyed 23 successful years in sales, marketing, contract negotiations and professional representation in the Hospitality Industry
I have been listing and selling homes in and around Metro Arizona for the last 13+ years. It’s about a relationship based on trust, knowledge and expertise. As my client, you can be assured that I’ll always go that extra mile to make your experience the best you’ve ever had when buying or selling a metro Phoenix home.”
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