Seventy-one percent of Americans say it is a good time to buy a home, and 11% say it is a good time to sell, according to Fannie Mae's December National Housing Survey. However, 31% of Americans polled by the government-sponsored enterprise say they would rent their next home, while 64% say they would buy.
According to the Fannie Mae survey, 26% of respondents expect home prices to increase over the next 12 months, while 18% say they expect home prices to decline and 52% say prices will stay the same. Thirty-six percent of Americans say that mortgage rates will go up over the next 12 months.
In regard to rentals, 43% of respondents believe that home rental prices will increase in the next 12 months, while 5% expect a decline in home rental prices during this period.
In terms of macroeconomic issues, 69% of those surveyed by Fannie Mae feel the economy is on the wrong track, while 22% say the economy is on the right track. For the first time since February 2011, a larger share of survey respondents (40%) say their personal financial situation will get better over the next 12 months than say it will stay the same (39%).
The survey, which was conducted by Penn Schoen Berland in coordination with Fannie Mae, polled 1,000 adults.