With strong economic growth this year, consumers are feeling confident in purchasing homes, according to Realtor.com. Year-over-year, job creation is up by 30% year over year, while underemployment has dipped to its lowest in more than nine years and income growth has picked up to levels unseen since 2009.
Fannie Mae also reported an increase of 5.6 percentage points in home purchase sentiment last month, with the share of Americans who believed it was a good time to purchase a home up by 11 percentage points.
Mortgage rates will likely be on the rise this year as the Fed raises its benchmark rate. But even that news has a silver lining; higher rates often signify easier access to mortgage credit, Realtor.com reported.
Consumer confidence in housing hits all-time high
Growing consumer confidence should mean strong spring market
Spring has begun, and there are indications of a strong homebuying season ahead.