Consumer Confidence Fueling Real Estate Market

Even with the recent beating homeowners took during the last real estate downturn, Americans still have confidence in the real estate market.  It appears that homeownership is still a goal for many Americans. reported the results of the 2013 National Pulse Survey from the National Association of Realtors (NAR).  Eight out of ten people surveyed believe that buying a home is a good financial decision.  The survey also indicated that fewer Americans are concerned with their job security.  Here are some other highlights from the NAR’s summary of the article:

  • Thirty-six percent of renters said they are thinking about buying, up from 25 percent in 2011, while 51 percent of renters said that owning in the future is one of their highest personal priorities. Overall, 79 percent of renters said owning is a priority in general.
  • The percentage of those who say they prefer to rent over buying dropped six points since 2011 to 25 percent.
  • Thirty-eight percent of survey respondents believe activity in their local market has increased in the past year, up sharply from 11 percent in 2011. Another 49 percent believe prices in their neighborhood are more expensive than they were a year ago.
  • The survey shows Americans have some lingering concerns, as nearly two-thirds (64 percent) of respondents worry about the high prices for homes and rent, which represents little change from 62 percent in 2011. Also, 69 percent said they are concerned about people in their area falling behind on their mortgages.
  • Fifty-eight percent said they are very or somewhat concerned about the drop in overall home values, though the concern has decreased from 70 percent in 2011.”

The survey results offer another indication that the current real estate upswing is here to stay.

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