In this early spring market across the county especially here in Oakland County Michigan inventory seems to be a major issue in home sales and in the housing market in general. It seems that with the new tax law will add more income to home buyers and sellers, but as of yet shown in the housing market. It seems there is still uncertainty with home buyers and home sellers along with rising interest rates that is plaguing or areas and others. As a Realtor for the last 17 years I really haven’t experienced anything quite like what is going on in this particular spring market, but can only hope that the uncertainty will dissipate and the markets will rebound for bth home buyers and home sellers across the country.
Income Up Home Buying and Selling Concerns Same
A rising number of Americans surveyed for Fannie Mae’s monthly Home Purchase Sentiment Index say their income is higher than it was last year at this time. But has more money made them more likely to buy or sell a house? Well, according to February’s survey results, it’s hard to say. That’s because, after an increase in January, housing sentiment fell in February – with respondents expressing less confidence in a number of categories.
In fact, the number of participants who said it’s a good time to buy a house was down, as was the percentage of participants who said it was a good time to sell. But if January saw increases in housing confidence, why the drop in February? Doug Duncan, Fannie Mae’s senior vice president and chief economist, says some of the uncertainty has to do with changing economic headlines. “Volatility in consumer housing sentiment continued in February, with the new tax law beginning to impact respondents’ take-home pay and the stock market creating negative headlines due to early-month turbulence,” Duncan said. In short, people have more income and money but they’re still a bit unsure of what lies ahead for the market. More here.