|By Marketwired .||
|July 30, 2014 06:00 AM EDT||
INDIANAPOLIS, IN -- (Marketwired) -- 07/30/14 --
- Only six percent think their home price will decrease this year
- A third say market activity has delayed or ended their home purchase plans
- BMO Economics: Housing affordability remains historically very attractive
With home prices increasing steadily, a new study released today by BMO Harris Bank found that over half of Indiana homeowners (53 percent) believe the value of their home will go up over the next 12 months. Looking back over the past year, 61 percent felt the value had increased and 19 percent thought it had gone down. Only six percent anticipate it will go down in the next year.
In Indianapolis, 55 percent believe their home's value will rise in the next year, and 64 percent said it had gone up over the past year, while 15 percent thought it had gone down.
"Homeowner confidence is a positive indicator for the state economy in general and for personal financial health specifically," said Ben Hodgin, Indiana Mortgage Market Manager, BMO Harris Bank. "Traditionally, a home is a person's valuable assets for many people so seeing that asset grow in value while the mortgage is continued to be paid down can be a strong contributor to a family's financial health and confidence."
According to the survey, market activity has had some impact on timelines for those planning to buy:
When Indiana residents with mortgages were asked about the forecast for interest rates:
- 63 percent said they expect rates to go up, with 43 percent expecting a small increase and 20 percent anticipating a large increase
- 12 percent believe that rates will decrease over the next five years
- A quarter believe that rates will stay the same
"Housing affordability remains historically very attractive, despite rising home prices and borrowing costs coming off their lows. As a result, there continues to be decent demand for homes, assisted from firming household formation," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "Although overall U.S. housing activity is experiencing slower momentum than we saw earlier in the recovery, positive developments such as the recent down-drift in mortgage rates and solid job numbers should give an added boost to housing."
At the national level, the survey found:
- Six in 10 (59 percent) Americans believe the value of their home will rise in the next 12 months, and the same proportion say it has risen over the last year
- 29 percent of those looking to buy say they have sped up their timeline to buy a home as a result of market activity, and the same proportion say it has caused them to delay or give up
- Six in 10 (59 percent) of those with a mortgage say they expect interest rates to rise over the next five years
Survey results cited in this report are from a Pollara survey commissioned by BMO Harris Bank using interviews with an online sample of 2,500 Americans, including 250 from the state of Indiana, conducted between April 1st and 7th, 2014. The margin of error for a probability sample of 2,500 is +/- 1.96%, and 250 is +/- 6.2% 19 times out of 20.
For more trends, tips and tools to help you plan for your financial future, including buying a home, visit bmoharris.com/YourFinancialLife.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris ® and BMO Harris Bank® are trade names used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $582 billion in assets (as of April 30, 2014).
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