Upbeat Outlook for 2013 US Real Estate Market
NEW YORK, Jan. 21, 2013 /PRNewswire/ -- A joint in-house survey done by real estate engines Point2Homes and PropertyShark shows that confidence in a stronger real estate market in 2013 is growing among US real estate professionals and homebuyers.
Real estate agents in particular expect a more upbeat real estate market in 2013 while a high 71% of those surveyed predicted that home prices will go up or remain at the same level in 2013. The study also revealed that New Yorkers and Californians appreciate the recovery slightly differently.
Home sale prices and sales volume are expected to rise
Almost 1,500 homebuyers and real estate professionals nationwide were surveyed in December 2012 on a number of aspects concerning the real estate market in 2013: sale prices, volumes and inventories evolution, and also the factors that will drive the market.
Home prices will stabilize or go up according to 71% of those surveyed. This opinion was shared by 59% of all agents and by 37% of the homebuyers.
Sales volumes in the US real estate market are also expected to rise, according to 41% of the respondents. Once again, more real estate agents (52%) than homebuyers (41%) responded optimistically.
Inventories are expected to stay the same.
Californians are more optimistic than New Yorkers
50% of respondents in California predicted home prices will go up in 2013, compared to 44% of New Yorkers.
Regarding foreclosures, 21% of California respondents consider they will influence the market in 2013, compared with only 9% of the respondents from New York. This difference may be the result of higher foreclosures rates in California than in New York in 2012.
#1 factor to drive the market in 2013
31% of respondents think that mortgage rates will influence the market the most. This may be the result of the U.S. Federal Reserve's efforts to keep down borrowing rates.
In second place was the ease of access to loans, followed by foreclosures in third place.
Within the categories surveyed, a higher proportion of homebuyers consider that foreclosures will have the most significant impact on the housing market.
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