Posted by: realtormarkpalace | December 19, 2012

Buyers more optimistic about market’s future

SEATTLE – Dec. 18, 2012 – Redfin surveys active buyers to gauge attitudes about the current real estate market. In its latest survey, Redfin found improved attitudes about the direction of home prices and whether it’s a good time to buy.

Overview

• 71 percent of homebuyers surveyed believe that home prices will increase in their neighborhood in the next year, up from 61 percent last quarter and more than double the 34 percent who expected rising prices in the first quarter survey

• 33 percent saw rising home prices as a major concern, up from 23 percent last quarter

• 22 percent were concerned about a weak economy, down from 27 percent in the third quarter

• 57 percent cited low interest rates as a reason to buy now, down seven percentage points from last quarter and sixteen percentage points from the first quarter – but it’s still the most common motivator for buying now

• 59 percent indicated that low inventory was their top concern with buying a home, consistent with last quarter’s rate

• 37 percent of respondents said they’re first-time homebuyers, down from 48 percent last quarter

• 5 percent of respondents are concerned about the “fiscal cliff” and possible changes to the U.S. tax code’s Mortgage Interest Deduction.

Over the past year, Redfin says its survey has showed increasing faith that home prices will continue to rise and, at the same time, worry over those rising prices. Low inventory has been a constant source of frustration for buyers.

© 2012 Florida Realtors®

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: