Estate Outlook Survey: Americans Are Increasingly Confident AboutÂ Homeownership, Real
Estate Market Recovery
[Bozeman, MT] â€“Prudential
Real Estate franchise network, Â released the quarterlyÂ Prudential Real
Estate Outlook Survey showing that Americansâ€™ confidence in homeownershipÂ and real estate
continues climbing from the first quarter and a year earlier. In Bozeman, MT
yearÂ to date, the number
of homes sold increased 7% over the same period a year ago. Â Similar to the
national sentiment, signs of growing confidence are apparent among localÂ residents as home
prices in Bozeman, MT are stabilizing.
According to the
- 69% believe that real estate is a good
investment despite the market volatility of the past fewÂ years, up 6% from
the first-quarter 2012 survey and 17 percentage points from first quarterÂ 2011.
- 72% expressed confidence that the real estate
market and property values will improveÂ during the next two
years, including a 6-point jump among those â€œvery confidentâ€ orÂ â€œconfidentâ€ vs. the
first quarter 2012, and a 14-point gain in this subset over first quarterÂ 2011.
- Nearly two-thirds (64%) of respondents have a
favorable perception of the U.S. housingÂ market, up from 60%
in the first-quarter survey and 52% in first-quarter 2011).
â€œThe American Dream
is clearly on the mend,â€ said Mike Basile, Broker/Owner, PrudentialÂ Montana Real Estate, â€œAmericans
are feeling better about homeownership and the ongoingÂ recovery taking
place in residential real estate. Many are increasingly optimistic about theirÂ personal
circumstances and, with housing affordability near all-time highs, they want to
act onÂ the opportunity.â€
remains the central component to the American Dream, as 78% of respondentsÂ said owning a home
was still â€œvery importantâ€ â€“ the same percentage reported in the first-quarterÂ 2012 study. A full
98% said homeownership was at least somewhat important.
In addition, with
interest rates at historically low levels, 96% of respondents at least â€œsomewhatÂ agreeâ€ that now is a
great time to buy a home â€“ the same percentage reported in the first-quarterÂ 2012 study.
More than the
financial reasons to buy a home, respondents placed higher priority on theÂ emotional reasons
for homeownership. â€œControl over living space,â€ â€œmore space for family,â€Â â€œsafer neighborhoodâ€
and â€œgood place to raise a familyâ€ rated higher than â€œa good investment,â€Â â€œfinancial securityâ€
and â€œtax benefits.â€
â€œMore people in
Bozeman, MT are buying homes because people still find Bozeman anÂ attractive place to
live and they have confidence in Bozemanâ€™s futureâ€ said Basile. â€œOwning aÂ home contributes to
their quality of life in the aspects of privacy and other intangible rewards ofÂ having their own
The survey also
shows that consumers remain cautious about the real estate market and process,Â as a full 30% â€œstrongly
agreeâ€ that the housing crisis reminds them to be more careful aboutÂ buying or selling a
home; up two percentage points from the first-quarter 2012 survey.
- Nearly two-thirds (65%) of respondents
indicated that financing or getting a mortgage isÂ more challenging
than it was before the market crisis, which is up from 58% in the firstquarterÂ 2012 survey.
- Among those considering a real estate
transaction, 39% expressed concern they wonâ€™t be ableÂ to sell their
current home, up 11 points from the first-quarter 2012 survey and 10 points
fromÂ first quarter 2011.
- Given the dynamics and challenges of todayâ€™s
real estate market, nearly three out of fourÂ (74%) respondents
think it is more important than ever to work with a good real estate agentÂ for the best success
in buying or selling a home (up from 71% in the first-quarter survey andÂ 67% in first quarter
â€œThe real estate
market is improving in Bozeman, MT and consumers face many choices,â€ saidÂ Basile. â€œConsumers
should seek out a real estate professional who can help them make the bestÂ choices to suit
Estate Outlook Survey Methodology
1,250 Americans who are â€œin the marketâ€ to buy or sell a home were conductedÂ online by Palisades
Media Ventures and Penn Schoen Berland, between May 22 and June 1,Â 2012. Respondents
are aged 25-64 with a household income of at least $50,000, and eitherÂ recently bought/sold
a home or are considering buying/selling a home. The margin of error is Â±Â 2.8% for all
respondents and higher for subgroups.
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entities and are used under license, with no other affiliation with Prudential.