Survey: New Yorkers say ‘REAL ESTATE IS BACK’ By Ciara Hassenpflug NYSAR Communications Coordinator New Yorkers, especially sub- urbanites, upper-income residents, older residents and homeowners say real estate is back, according to the New York State Association of REALTORS® Spring 2013 Housing Market Survey. Forty-two per- cent of New Yorkers, up from 30 percent in 2012 and only 25 percent in 2011, now say that the condition of the real estate market has improved at least a little, if not a great deal over the last 12 months. Residents of the Empire State say that the gap between sellers and buyers that was typically expressed as “great time to buy, if you can; terrible time to sell unless you have to” has changed. The survey found that there is a strong expectation that the pendulum is swinging in the sellers’ direction, as nearly half of all New Yorkers (46 percent) anticipate even more improved conditions for sellers over the coming year. Underlying faith in real estate remains strong among New Yorkers, according to the survey of 1,005 New York State residents conducted in April by the Siena Research Institute on behalf of NYSAR. The survey found:• Seventy percent of all New Yorkers say that buying a home is a better invest- ment when compared to the stock market. This is a slight increase from a year ago, but still not equal to 73 percent in 2011. • Forty-six percent (up from 39 percent last year and 38 percent in 2011) expect the prices of homes in their commu- nity to increase either at a rapid (8 percent) or moderate (38 percent) rate during the next 12 months. • When asked to look five years into the future, 74 percent, up from 71 percent a year ago and 69 percent in 2011, expect values to increase; 21 percent signifi- cantly and 53 percent moderately. • An overwhelming 85 percent, up from 80 percent last year, agree that own- ing your own home is a very signifi- cant part of achieving the American Dream. • When asked to sum up their thoughts about the real estate market in their area, fewer New Yorkers believed it was still going down (12 percent) or was at the low point (20 percent) compared to a year ago. A greater number believe the market is starting to rebound (37 per- cent) or returning to steadily increasing values (25 percent) compared to 2012. • Buying real estate will prove to be a wise decision because it will appreci- ate in value faster than any inflation, according to 53 percent of respondents (down from 59 percent last year and 55 percent in 2011). Home buying and selling plans There was a slight improvement in the number of homeowners who said they intend to sell their current home during the next six months (up by 1 percent to 9 percent). Of those planning to sell, most intend to use a REALTOR® (69 percent this year; 70 percent last year). Sellers expect to: price the home below what they thought it was worth a couple of years ago; sell in three months or less; and make concessions to an interested buyer. On the buying side, 11 percent plan to purchase a home (up from 9 percent the last two years), while 19 percent (unchanged) plan to begin to investigate buying a new home. A majority plan to get a very good deal on the home they purchase, expect the seller to make con- cessions and believe that today they can buy more house for their money than they could two years ago. Empire state residents talk about the market The survey also explored how Empire State residents follow the real estate market and their conversations about real estate. Sixty percent follow real estate news by reading newspapers, using the Internet or other sources. A majority at least somewhat often discuss how the real estate market is doing with others. Overwhelmingly, New Yorkers say that real estate continues to be the best investment you can make for the long term (79 percent), that homes here have held their value over the past year (70 percent), and that it’s a great time to buy today (69 percent). Each of the eight questions that were asked for three con- secutive years show improvement in the direction of more positive appraisals of the real estate market. Significantly, there was a 16-point decline in those that say that prices for homes are down right now and an 8-point decline in those that say this is the worst real estate market they’ve seen around here for quite some time. It’s important to understand what people say they see or what they notice as they move through their day and how it ffects their understanding of the market. A greater percentage of New Yorkers note people moving in or out of their homes, sold signs and new homes being built. Declining percent- ages have seen the same home with the same real estate sign up for a prolonged period of time and construction sites at which work has come to a sustained stop. Overall, while the one-year improvement is only modest, when considering the two-year improvement, these questions point to a perception of increasing health in the market. Current issues New Yorkers were also asked their opinions about key current issues including property taxes and state mandates. The survey found that 70 percent of homeowners said their property taxes pose a very serious (27 percent) or serious (43 percent) financial burden. Property taxes are too high accord- ing to 64 percent of respondents statewide and that number climbs to 83 percent in the New York City suburbs. Additionally, a majority supported enacting a first-time homebuyer assistance program and most said they lacked the information to say if they supported mandate relief for local governments. When asked whether five quality of life issues have been positively, negatively or not at all affected by the 2-percent cap on the property tax growth, there were no dramatic results in the opinion of New Yorkers.
Posted on: Sat, 10 Aug 2013 13:54:13 +0000
Trending Topics
Recently Viewed Topics
© 2015