For the second year in a row, a survey has showed there was yet again an increase in the confidence for a full real estate recovery. 1,251 people were recently surveyed and incredibly favorable results followed. In a recent blog post we reported about how 84% of the public insists that real estate investment is the best form of investment for the long term. Furthermore, this blog highlighted how the 53.5% of those polled feel homes will see significant increases in home prices in the next five years with even more of a drastic percentage being 82% of the respondents saying home values will absolutely increase in the next ten years.
Well in this more recent survey, it was determined that 60% of the individuals have an optimistic view about the housing market, with 70% believing property values will increase in the next two years. Relating to the past blog also mentioned above, 63% in this survey consider real estate a good investment which is an improvement considering a year ago this same question came back with a surveyed percentage of 54%.
A reason behind this is likely the rising employment and low mortgage rates, both alleviating the stress that a real estate purchase provides and adding to the confidence of the buyer knowing they have made the right decision. The Federal Reserve reported on February 29th from its Beige Book Business Survey that our city of Boston has already seen vast improvements in the overall housing market. The other cities mentioned that have also done well were Cleveland, Atlanta and Dallas.
Another statistic worth mentioning is that 80% of those who participated in the first survey discussed feel that home ownership is very important to them. As the job market continues to improve, just as other industries do, there is going to be an even larger increase in real estate transactions. Those 1,251 who were surveyed were between the ages of 25 and 64 who also bought or sold a home recently or are in the market to buy or sell, and who have a household income of at least $50,000. This overall is wonderful news for Boston by being mentioned in such high esteem for our real estate markets success compared to other areas of the country. Finally, the fact that confidence on the national scale is also improving is certainly a benefit for Boston and all other cities real estate markets as well. All facts and studies are pointing to this being a truly ideal time to buy.
More Information: Bloomberg.com