Home Buyers Think Price Will Go Down
Last week we mentioned that prices are starting to come down, well now a new survey from Fannie Mae show exactly how low Buyer Sentiment is right now.
Here are some key takeaways:
- Last week we mentioned that we are finally seeing signs of prices going down.
- That trend should continue because:
- Pendings SFH -33% & Condos -43%
- Inventory up to 2.1 months condos ...+91% YOY
- Home up to 2.3 months ...+53% YOY
- The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased 1.2 points in September to 60.8
- 7th consecutive month decline
- Only 19% of Buyers think it's good time to buy
- 59% think it's good time to sell
- Both are lowest numbers in a long while
- First time since 2011 and beginning of pandemic that more consumers will think prices will go down than consumers who don't
- So perception is not too pretty.
Watch this video as Abe Safa & Greg Harrelson discuss how this is impacting our real estate market and what you can expect.
If you have any questions or would like to discuss the market or your property, reach out to Abe at (843) 360-2145
Subscribe to Abe's Facebook & Youtube channels for up to date news and market updates:
Myrtle Beach Real Estate TV: https://www.youtube.com/channel/UCelMVS8UPe5l52tzwAR9nnA