Photo: eef ink (Flickr)
Half of Indiana homeowners think the value of their home will increase in the next year, according to a BMO Harris Bank survey released today, and they very well may be right.
Fifty-three percent of Indiana homeowners think their home price will increase in the next 12 months, whereas only 6 percent think it will decrease.
The survey indicates those views could be based in part on the past market. Sixty-one percent of survey respondents said their home increased in value last year.
BMO Harris Bank managers say the positive outlook homeowners have is a good sign for the housing market and the state economy in general.
“If folks are starting to feel better about their jobs and are starting to feel better about their homes, which for most folks is their most significant investment, they start thinking about other parts of their life and other projects they might have or home improvements, and that drives the economy as well,” Ben Hodgin, Indiana Mortgage Market Manager, BMO Harris Bank, said.
BMO Harris Bank managers also say while housing activity nationally is slower than it was earlier in the economic recovery, new developments such as the recent down-drift in mortgage rates and solid job numbers should give an added boost to housing.