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 national survey:
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€
Factors driving homeownership
Homeownership 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 space.â€
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.
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 their needs.â€
Prudential Real Estate Outlook Survey Methodology
Interviews with 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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