Home buyers are feeling more
confident that the housing market is in recovery mode and they’re
realizing they better act soon if they want to take advantage of low
mortgage rates and home prices before they rise more.
Seventy percent of home buyers in 18 markets believe home prices will
rise in their neighborhood within the next year, according to a new
survey by Redfin of more than 1,000 home buyers.
In the first quarter of the year, only 30 percent of home buyers said they believed prices would rise in the next 12 months.
Fifty-seven percent of the survey respondents said that the record
low mortgage rates were a main reason to purchase a home soon.
Meanwhile, nearly 60 percent of home buyers said their chief concern
about purchasing a home was the smaller number of homes to choose from
nowadays.
“Redfin expects the 2013 home-buying season to kick off early in
January with very strong demand, which, paired with low inventory, will
cause prices to continue to rise steadily into spring,” according to the
company.
The 18 markets participating in the survey were Atlanta, Austin,
Baltimore, Boston, Chicago, Dallas, Denver, Los Angeles, New York,
Orange County, Phoenix, Portland, Riverside/San Bernardino, Sacramento,
San Diego, San Francisco, Seattle, and Washington.
Source: “Homebuyers Feeling More Confident,” The Baltimore Sun (Dec. 20, 2012