Pent up buyer demand that has amassed over the past five years since the downturn in the U.S. housing market, will drive a major rebound in home sales during 2012, according to a new Housing Predictor survey.
The increase in sales seems to already be materializing as home buyers that can qualify for a mortgage at historic low rates make home purchases in rising numbers. Almost two out of three respondents to the survey or 64% said they plan on either buying or selling real estate in the next year.
The online poll was taken over a three week period and just concluded Monday. The remaining 36% said they did not plan on making a real estate purchase in 2012.
The poll is evidence that homeowners and renters are doing their home work before making purchases even as the U.S. economy remains troubled.
Record low mortgage rates struck an historic low of 3.88% on the 30-year fixed rate mortgage last week, according to Freddie Mac. The low rates along with much lower home prices in the U.S. are pushing home buyers off the fence if they are able to qualify for a mortgage. However, high unemployment and other issues weigh on the housing market’s long term recovery.
Do you plan to buy or sell real estate in 2012?
Yes 64% No 36%
To see the previous poll results click here.