Americans’ confidence in homeownership and real estate continues to rise according to the latest quarterly Outlook Survey released by Brookfield Real Estate and Relocation Affiliates, owner of the Prudential Real Estate franchise network.
Affiliate Prudential Network Realty reports its second quarter sales are up 8 percent compared to the same period a year ago.
According to the national survey:
• 69 percent believe that real estate is a good investment despite the market volatility of the past few years, up 6 percent from the first-quarter 2012 survey and 17 percentage points from first quarter 2011.
• 72 percent expressed confidence that the real estate market and property values will improve during the next two years, including a 6-point jump among those “very confident” or “confident” versus the first quarter 2012, and a 14-point gain in this subset over first quarter 2011.
• Nearly two-thirds (64 percent) of respondents have a favorable perception of the U.S. housing market, up from 60 percent in the first-quarter survey and 52 percent in first-quarter 2011.
• 78 percent of respondents said owning a home was still “very important” The same percentage reported in the first-quarter 2012 study. A full 98 percent said homeownership was at least somewhat important.
• 96 percent of respondents at least “somewhat agree” that now is a great time to buy a home, the same percentage reported in the first-quarter 2012 study.
• 30 percent “strongly agree” that the housing crisis reminds them to be more careful about buying or selling a home; up two percentage points from the first-quarter 2012 survey.
• Nearly two-thirds (65 percent) of respondents indicated that financing or getting a mortgage is more challenging than it was before the market crisis, which is up from 58 percent in the first-quarter 2012 survey.
• Among those considering a real estate transaction, 39 percent expressed concern they won’t be able to sell their current home, up 11 points from the first-quarter 2012 survey and 10 points from first quarter 2011.
• Nearly three out of four (74 percent) respondents think it is more important than ever to work with a good real estate agent for the best success in buying or selling a home (up from 71 percent in the first-quarter survey and 67 percent in first quarter 2011).