Confidence in the economy is starting to cause consumers to think about their dream home again. This is great news for the housing market.
It looks like Americans are regaining faith in the U.S. economy. Numerous indexes, such as The University of Michigan Consumer Sentiment Index and The Conference Board Consumer Confidence Survey, have shown a dramatic jump in consumer confidence in their latest surveys.
This usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true.
Now, if you are considering moving up to your dream home, I believe it will be better to do it earlier in the year rather than later. Two components of your monthly mortgage payment, home prices and interest rates, are both projected to increase as the year moves forward, and interest rates may increase dramatically, to about 4.75 percent.
So if you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later this year makes the most sense.
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