The most important people in the real estate industry are not the brokers, agents, and all the other people involved in the industry. The answer is that those who carry the greatest importance are our clients. These are the people who make the real estate engine hum, who push it’s limits and successes further just as it has been done over the past year. Mobilizing the population and boosting consumer confidence is thus what drives the industry forward, and this has indeed been the status quo as of late as the demand to buy real estate has never been stronger.
A recent survey enacted by Princeton Survey Research Associates International and Bankrate.com found that 55% of all Americans insist that home prices will continue to rise over the next twelve months. Another 27% of Americans believe that prices will stabilize and be kept roughly the same, while just 9% think prices will decline. Of course, across the country there are markets that are in quite the polar opposite circumstances with regards to the real estate industry. Citizens of Boston and Massachusetts as a whole would look upon the housing industry far more favorably than those in other less prosperous areas of the United States; as the story goes. Although collectively in the nation, there is an upward trajectory for people’s emotions regarding the matter.
Those in the upper-middle-income households that are earning anywhere between $50,000-$75,000 annually are the ones who are the most optimistic. In this segment, it becomes apparent that 65% of the individuals surveyed are confident that home prices will continue to rise, while just 6% have an inkling that they will fall. Bankrate.com back in January conducted another survey regarding what the best investment over the next ten years would be, and found that real estate was the second most popular response at 23%, just behind keeping hold of your cash.
Greg McBride, Bankrate.com’s Senior Financial Analyst, came to comment on this optimism in the community by stating, “It seems like Americans’ love affair with real estate has returned.” What a welcomed love story to fall back into. What comes to be known is that now only one in every eight Americans feel less secure today in their jobs than they did a year ago, displaying even more positivity in the marketplace and the greater economy. This marked the lowest point since the polling began for this study back in December of 2010, which is great news indeed. The predictions of favorable prices amongst the populace is clearly quite the breakthrough as it was not long ago where the opposite sentiment would have been widely felt.
More Information: Boston Business Journal