Industry leaders optimistic about future growth in housing
Industry leaders continue to be optimistic about future growth in housing, according to a new survey conducted by Keystone Analytics® among leaders of the Pennsylvania Association of Realtors®.Sixty-four percent believe that sales prices will increase over the next six months, while 54 percent believe new construction starts will increase, and 63 percent believe that multiple offer deals will increase.
“Realtors® are confident that the market has finally turned around and consumers are positively viewing real estate as a good investment,” notes PAR President Bette McTamney.
Seventy-four percent of respondents believe that the market will get “much better” or “somewhat better” over the next six months. Only two percent believe that the market will get “somewhat worse” or “much worse.”
In addition, 62 percent of respondents believe that first time homebuyers will increase, and 41 percent believe that foreclosures and short sales will decrease.
“There has been slight increase in available inventory in the region surrounding suburban Philadelphia, and the survey shows similar results across the Commonwealth,” says McTamney.
Forty-four percent of respondents believe that the amount of inventory available will increase over the next six months, while 61 percent believe that the amount of time inventory will stay on the market will decrease over the corresponding period. Forty-two percent are “somewhat concerned” about the amount of inventory available to meet demand.
When asked about interest rates, 47 percent of respondents believe that rates will not change over the next six months, while 44 percent believe they will increase and two percent think they will decrease. In addition, 54 percent of respondents believe that availability of mortgage credit will hold steady, while 25 percent think it will increase.
A $25 gift card was randomly awarded to one member completing the survey. Congratulations to Tom Skiffington of RE/MAX in Perkasie!
The results are based on an Internet survey of 171 members of the Pennsylvania Association of Realtors® who are identified as leaders of the association.
Jennifer Shockley is the Political and Community Services Manager at the Pennsylvania Association of Realtors®. |
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