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Confidence in Real Estate on the Rise for 2013
As the general economic outlook improves, confidence in the recovery of the real estate market will increase this year, according to the results of a new survey from Point2Homes and PropertyShark.
The research involved surveying almost 1,500 homebuyers and real estate professionals nationwide on a number of aspects concerning the real estate market in 2013, such as sale prices, volumes and inventories, and the factors that stand to impact the market the most.
According to the survey results, 71 percent of respondents predicted that home prices will go up or remain at the same level in 2013. This opinion was shared by 59 percent of all agents and by 37 percent of homebuyers.
While inventories are expected to stay the same, sales volumes in the U.S. real estate market are expected to rise, according to 41 percent of the respondents. Once again, more real estate agents (52 percent) than homebuyers (41 percent) responded optimistically.
When asked what they believe will influence the 2013 real estate market the most, 31 percent of respondents said mortgage rates. This may be the result of the U.S. Federal Reserve's efforts to keep borrowing rates down.
In second place regarding influence on the real estate market this year was the ease of access to loans, followed by foreclosures in third place.
This renewed optimism in the real estate market for 2013 comes on the heels of research from the National Association of REALTORS®, released earlier this week, which reports that sales of existing homes in 2012 reached their highest level in five years. For all of 2012, existing-home sales hit 4.65 million, the highest level since 2007 and up 9.2 percent from 2011.
While lingering unease over the debt-ceiling debate stands to affect overall consumer confidence, the factors contributing to a healthier housing market—low interest rates, rising home values, stabilizing inventories—remain the same. Be sure to act soon if you are contemplating a home purchase or sale.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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