Long Island NY Economy and Home Value Confidence Increasing

Economy Confidence IncreasingLong Island NY economy and home value confidence seems to be on the rise, according to Fannie Mae’s April National Housing Survey.

Americans continue to expect home prices to go up, with the projection averaging 1.3 percent over the next 12 months, the highest value recorded.

A high percentage (71%) of Americans still say it is a good time to buy while the percentage (15%) who said it is a good time to sell was up 1 point from March.

Doug Duncan, Fannie Mae’s chief economist, says “consumer views of housing market conditions have become more supportive of home purchases, and sustained healthy hiring is required to help realize these improved expectations.”

Long Island NY Economy Appears to be Increasing

The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. Still, an even greater 56 percent believe the economy is moving in the wrong direction.

Also, 23 percent of Americans reported their household income is significantly higher than it was a year ago, while 36 percent said their household expenses are significantly higher since the same time period. Both categories rose 2 percentage points compared to March.

The expectation for average rental prices decreased slightly to 3.6 percent; in March, respondents expected rent to go up by 4.1 percent over the next 12 months.

If respondents were to move, 32 percent said say they would rent while 64 percent said they would buy. The percentage of those who said they would rent increased 2 points and reached the highest level since November 2011.

With the Long Island NY economy and home value confidence apparently increasing, would you say things are on the right track, or moving in the wrong direction? We’d love to hear your thoughts.