The majority of America's potential home buyers and sellers-68%-believe that the real estate market and property values will recover in the next year or two, according to a survey released today by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. [NYSE:PRU] company.
That's way up from last April, when only 47% of people who answered a similar survey thought home prices would recover that fast. Despite the market volatility of the past few years, 86% of Americans believe real estate is a good investment.
The Prudential Real Estate Outlook Survey reveals that six in 10 respondents are more interested in buying real estate (58%) and are optimistic about buying given the momentum of the economic recovery (59%).
It also shows that although the price of many Americans' homes declined during the recession, 89% recognize they can also buy a new house at a lower price.
"A key takeaway from the survey is although consumers recognize that it is a good time to buy, they are concerned about their ability to sell their homes. This is one of the reasons the market is still struggling to recover," said James Mallozzi, chief executive officer of Prudential Real Estate and Relocation Services, Inc.
For those on the fence about buying, uncertainty about selling an existing home (77%), concern about getting a fair price for the home (67%), and emotions (58%) are holding them back.
Despite the tough market, 78% of Americans who sold a home were satisfied with the sale. Of these, 32% were very satisfied with the final price of their home and 46% were grateful they were able to sell given market conditions. A relatively small number, 22%, were disappointed or resentful about the price they received for their home.
Source: Prudential Real Estate and Relocation Services, Inc
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