Chicago, IL (PRWEB) March 11, 2013
The Federal Savings Bank believes serious homebuyers who are hunting for deals should pre-qualify for a mortgage now. Low housing inventory is leading to more Americans being able to sell their homes at higher prices now than in the past several years after the economy took a turn for the worse. Consumers are now expecting theses prices to increase in throughout 2013.
According to a March 7th release of Fannie Mae 2013 National Housing Survey, consumer attitudes toward the economy and housing market have continued to improve during the winter.
The survey highlighted that the average 12-month home price expectation increased from 0.5% to 2.9% last month. This is the highest level recorded since the first survey was posted. Another result of the survey showed 48 percent of Americans believe home prices will increase over the next 12 months, which was the highest percentage ever recorded. The percentage who think home prices will decrease was consistent at 10 percent.
"The housing market is headed in the right direction. With housing prices expected to rise further, potential buyers should get pre-qualified for a mortgage so as not to wait if they want to grasp a buying opportunity," says Nick, a banker at The Federal Savings Bank. While expectations of price moving higher have has influenced the market, the lack of inventory is the major driver.
Home inventory down 17 percent
Housing inventory is down almost 17 percent in February, according to Zillow. The February decrease was on a year-over-year basis with the largest decreases in inventory being seen among expensive homes. The analysis covered the 99 largest metro areas, accounting for homes in the bottom, middle and top price tiers, showing a further inventory shortage for first-time homebuyers. The Federal Savings Bank encourages potential first-time homebuyers to get pre-qualified for a mortgage while mortgage rates remain at decade lows across all states. If prices continue higher serious buyers will miss great deals simply because they were not prepared to make a timely offer. The bank urges veteran homebuyers to get pre-qualified because the potential for VA's is zero down payment. For more information on applying for a mortgage visit: TheFederalSavingsBank.com