Fannie Mae's Home Purchase Sentiment Index for September claims a 5% drop in the number of consumers who say it is a good time to buy a house. And there was a 6% drop in the number of people who believe mortgage interest rates will go down over the next year.
Picking those two apart, I can't speak for the nation as a whole, but it is a great time to buy a house in Tucson. While Tucson home prices have recovered from the bottoms of several years ago, we are nowhere near full recovery prices and definitely behind the market recoveries of Phoenix, Las Vegas and Southern California.
And interest rates? I agree that there is a good chance that interest rates will not go lower over the next year. Why should they? Mortgage interest rates are already at near record lows and the economy continues to improve.
So my take on this is to ignore the national stats and focus on our Tucson market. There are a lot of great homes on the market at great prices and a lot of them are selling fast. So if you are considering your first home or a move-up home, take advantage of these still-low interest rates and our still good prices and give me a call. Let's get looking!