63% of Americans think it's a bad time to buy a home. But 70% say they'll buy (not rent) if moving
September 8, 2021
We can argue about a tough market for homebuyers all we want, but if you look at the full set of homebuyer sentiment, it still adds up to people still wanting to buy homes. Consider these two stats from Fannie Mae's latest data on homebuyer sentiment.
63% of Americans think it's a bad time to buy a home
Nevertheless, 70% say they'll buy (not rent) if they're moving
This suggests that people will act on their long-term vision despite their short term mood.
It's also worth noting that there will be 6.95 million new and existing homes sold in America this year and 7.52 million sold next year. These projections don't change as much as consumer sentiment, so it's helpful to understand it from the perspective of how many deals are going to happen.
As for how many mortgages will be made on those home sales, the MBA expects 4.9 million loans to be made to homebuyers this year, and 4.79 million homebuyer loans next year.
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