With the government shutdown threat resolved, buyers and sellers are ready to act.
Prudential Real Estate released results of its fourth quarter Consumer Outlook Survey, and it indicated that consumers’ perception of residential real estate is increasingly favorable. That translates into more sales for 2014 than 2013 – when Congress and the White House bickered over sequestration and the debt ceiling.
Young Americans seem the most excited about the upcoming year, with 87 percent of Millennials holding a favorable view on real estate. Meanwhile, 78 percent of all respondents agreed, which is a 5 point jump from the previous quarter and a huge 15 point jump from the last quarter of 2012. And 63 percent of all surveyed said they were more committed to buying or selling a home in 2014.
“Consumers understand that the U.S. economy and residential real estate continue moving in positive directions,” says Earl Lee, CEO of HSF Affiliates LLC. “Accordingly, they’re feeling much better about their personal situations and want to take advantage of attractive home prices in many markets and interest rates that remain low by historical standards.”
Other revealing data indicates a strong year for the real estate industry…
- 65 percent surveyed are optimistic about the 2014 housing market
- 65 believe home sales will increase during the year
- Half believe the rate of appreciation in U.S. home values will slow
- Owning a home is important to 96 percent of Americans
- 78 percent agree that homeownership is an important part of the American dream
- 72 percent said finding the right home and community are crucial to their family’s happiness
A recent survey regarding the American dream found that most people defined it as retiring financially secure at age 65, while the second most defined it as being debt free. Owning a home came in third place. Obviously these surveys are self-serving, but if you are determined to buy a home, just make sure you’re ready to take on a mortgage – because it’s a monthly payment that will stick with you, maybe, for the majority of your life.
If you are in the market to buy or sell a house and need some professional advice, contact Consolidated Credit’s Housing Counseling Department to speak with a HUD-certified housing counselor today.