Michael Pierson and Chris Eigel, principals of the real estate firm Prudential Rubloff Properties, reported the results of the Prudential Real Estate national survey, which shows that Americans are significantly more optimistic about homeownership than they were a year ago.
According to the survey, the second annual Real Estate Outlook Survey, 60 percent of Americans have favorable views towards the real estate market. This figure is up eight points from last year.
Interviews with 1,251 Americans who are in the market to buy or sell a home were conducted online by Palisades Media Ventures and Penn Schoen Berland, between Feb. 10 and 20, 2012. Respondents are aged 25-64 with a household income of at least $50,000, and either recently bought/sold a home or are considering buying/selling a home. The margin of error is ± 2.8 percent for all respondents and higher for subgroups.
The survey shows that optimism is stemming from several places. National interest rates are at historic lows which has led 96 percent of respondents to agree or somewhat agree that now is a good time to buy a home. 70 percent said that they have faith that property values will increase over the next two years and 63 percent said they see real estate as a good investment despite recent market volatility which is up about eleven points from last year.
Eight out of 10 respondents said that owning a home is very important to them, and only 15 percent said that the tough economy has made homeownership less important to them.
“Respondents nationally and locally told us what our sales professionals see every day that, despite recent market volatility, homeownership remains integral to the dreams of most Americans and that consumers’ confidence in the housing market is returning,” said Michael Pierson, President and Chairman of Prudential Rubloff Properties. “This is good news for homebuyers and sellers throughout Chicagoland. As more people look to take advantage of historic interest rates and prices, we believe the foundation for a sustainable recovery is in sight.”