According to a recent report by the Federal Reserve, most homeowners believe home prices will rise within the next year.
In the report the Economic Well-Being of U.S. Households, the Federal Reserve surveyed more than 4,000 Americans in 2013. They were asked questions about their overall financial situation, as well as housing.
In the report, 26 percent of home owners said they expect a 5 percent or less increase in their home value. Fourteen percent expected an increase of more than 5 percent, and less than 10 percent expected home prices to fall over the next year.
The report also found that many renters are looking to purchase homes. About 10 percent of renters said they were currently looking to buy a home. The report found that the main reasons many renters were currently still renting instead of owning was lack of money for a down payment and being unable to qualify for a mortgage.