SALEM, Va., Nov. 26, 2013 /PRNewswire/ -- Although sentiment has waned since August, Virginians are overall optimistic about the real estate market, reports the Roanoke College Poll, which surveyed 608 Virginians in November. More than 57 percent of Virginians believe that the condition of the real estate market has improved since last year, while 49 percent believe that conditions will improve in the next year.
Sellers describe growing optimism, while buyers report declining sentiment. Forty-four percent of respondents believe it is a better time to sell today than a year ago. This share falls to 41.5 percent of respondents when asked about selling a year from now. On the other side of the real estate market, 44 percent of buyers believe that today is a better time to buy residential property, compared to a year ago, although only 32.5 percent of buyers consider this to be true in the coming year.
Sellers confident in Northern Virginia, pessimistic in Southwestern Virginia
Northern Virginia sellers of real estate property are extremely positive about current and future conditions. Sixty-three percent of respondents in Northern Virginia report that today is a better time to sell than a year ago, but this falls to 43 percent when asked about selling in the coming year. The optimism in Northern Virginia is in sharp contrast to the pessimism in Southwestern Virginia, where only 26 percent of respondents believe that selling conditions are better today compared to a year ago. When considering selling conditions a year from now, respondents in Southwestern Virginia are slightly more positive as 28 percent report improving conditions.
Residential buyers are significantly more optimistic about conditions today and the coming year in most regions. Southside (51%) and Shenandoah Valley (53%) respondents are particularly confident about buying conditions today compared to a year ago. Still, optimism in these two regions does not persist, falling to 31 and 28 percent, respectively, over the coming year.
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SOURCE Roanoke College