According to a recent Consumer Survey from the last quarter of 2013, consumers are expected to be more committed to buying or selling a house this year. Of the 2,500 people surveyed, 78% said they had a positive view of real estate right now, which is 5 points higher than the previous quarter, and 15 points higher than the end of 2012. 63% of consumers said they’re more committed to buying and selling in 2014.
One particular generation has a favorable view of real estate right now, the Millennials. The generation had an 87% favorable view of real estate in the newest survey.
More consumers are understanding that residential real estate and the U.S. economy are both moving in positive directions. Which makes them feel better about their own personal situations and is leading them to want to take advantage of better home prices and historically lower interest rates.
However, consumers have said that two events that happened in 2013- the government sequestration, and the rising interests rates- will affect their personal finance decisions.
Even though consumers are optimistic, they’re also remaining realistic, believing that the rate of rising home prices will probably slow after 2013. Consumers say that their biggest concerns about the housing market right now are decreasing home values, and saving up for a down payment. They’ve also stated that tighter housing inventories will likely impact their decisions for buying a house this year, and 67% said that they expect more buyer competition.
Some other findings from the survey:
96% say owning a home is important
78% say that owning a home is an important part of the American dream
72% say that finding the right home and community is an important part of their family happiness
64% say that a good real estate agent can help them make the right
decisions about the type of home and community they want to live in
62% say that a good agent can help them maximize home ownership investment