Westchester NY Real Estate is no Different. Americans Are Increasingly Confident About Homeownership
Scarsdale, NY – Brookfield Real Estate and Relocation Affiliates Inc., owner of the Prudential Real Estate franchise network, today released the quarterly Prudential Real Estate Outlook Survey showing that Americans’ confidence in homeownership and real estate continues climbing from the first quarter and a year earlier. Westchester NY Real Estate has a bright outlook! In Westchester County the number of homes sold increased 14% in 2Q 2012 over the same period a year ago.
Similar to the national sentiment, signs of growing confidence are apparent among local residents. House price indicators showed stability as the number of sales increased and inventory fell.
According to the national survey:
- 69% believe that real estate is a good investment despite the market volatility of the past few years, up 6% from the first-quarter 2012 survey and 17 percentage points from first quarter 2011.
- 72% 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” vs. the first quarter 2012, and a 14-point gain in this subset over first quarter 2011.
- Nearly two-thirds (64%) of respondents have a favorable perception of theU.S.housing market, up from 60% in the first-quarter survey and 52% in first-quarter 2011).
“The American Dream is clearly on the mend,” said Mark Nadler, broker/owner Prudential Centennial Realty, specializing in Westchester NY Real Estate. “Americans are feeling better about homeownership and the ongoing recovery taking place in residential real estate. Many are increasingly optimistic about their personal circumstances and, with housing affordability near all-time highs, they want to act on the opportunity.”
Factors driving homeownership
Homeownership remains the central component to the American Dream, as 78% of respondents said owning a home was still “very important” – the same percentage reported in the first-quarter 2012 study. A full 98% said homeownership was at least somewhat important.
In addition, with interest rates at historically low levels, 96% 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.
More than the financial reasons to buy a home, respondents placed higher priority on the emotional reasons for homeownership. “Control over living space,” “more space for family,” “safer neighborhood” and “good place to raise a family” rated higher than “a good investment,” “financial security” and “tax benefits.”
“More people in Westchester are buying homes for its easy commute to New York City, superior schools and fantastic recreational opportunities,” said Nadler. “Owning a home contributes to their quality of life in the aspects of privacy and other intangible rewards of having their own space.”
Caution remains
The survey also shows that consumers remain cautious about the real estate market and process, as a full 30% “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. In addition:
- Nearly two-thirds (65%) of respondents indicated that financing or getting a mortgage is more challenging than it was before the market crisis, which is up from 58% in the first-quarter 2012 survey.
- Among those considering a real estate transaction, 39% 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.
- Given the dynamics and challenges of today’s real estate market, nearly three out of four (74%) 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% in the first-quarter survey and 67% in first quarter 2011).
“The Southern Westchester Real Estate marketplace is improving and consumers face many choices,” said Nadler. “Consumers should seek out a real estate professional who can help them make the best choices to suit their needs.”
