On The Rise: Confidence In The Housing Market

On The Rise: Confidence In The Housing MarketIndex Shows That More People Have Faith In Real Estate

Growing up, many of us heard that buying real estate is one of the smartest investments we could make. Property was supposed to be one of the best ways to build wealth. Then, the housing bubble popped and many people lost faith in the housing market.

Fortunately, nearly a decade after the Great Recession begin, the real estate industry is returning to normal, and faith in the value of property is increasing. The Zillow Housing Confidence Index (ZHCI) reveals that 5.2 million renters plan to buy a home in the next year, underscoring that renters’ confidence is increasing in the housing market.

The ZHCI shows that San Jose, San Francisco, and Miami residents have the greatest confidence in their housing markets. In St. Louis, Dallas, and Detroit, the greatest increase in confidence was reported. Los Angeles, San Diego, DC, and Denver also all made the list of most confident metro areas.

Home affordability is prime right now and promises to continue to be as interest rates are low, mortgage insurance premiums are dropping, required down payments are small, and credit is becoming more available, while renting is becoming increasingly costly. Consequently, more and more renters are hoping to make the shift to the housing market which will only increase consumer confidence.

More confidence in the housing market will mean an appreciation in home prices, which means that buying a home is not likely to be as affordable as it is right now anytime in the near future. To buy a home now so you can get the most house for your money, contact Avis Lending today. Located in Irvine, California and Lahaina, Hawaii, we have the insider insight into some of the best housing markets in the country and are here to guide you to your ideal home.

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