Things are Looking UP - 2014 Brings Optimism
Optimism is on the RISE. Consumers are more committed this year to buying or selling a home. This according to Prudential Real Estate Q4 Consumer Outlook Survey.
Some Interesting Numbers to Share!
Favorable view of the real estate market grew 5% from Q3 and Q4 of 2013.
78% of consumers had a favorable view of the real estate market in Q4
65% of respondents have a favorable outlook for 2014
63% are more committed to buying or selling a home this year.
Nearly 6 out of 10 believe that there will be an increase in home sales in 2014.
Most believe that home ownership is the cornerstone of the American Dream and remains a top priority both financially and personally.
96% say that owning a home is important to them.
79% believe that home ownership is good for the economy.
7 out of 10 say that finding the right home and community is important to the happiness of their family.
62% say that now more than ever they look to a real estate professional for guidance through the buying or selling process.
Another note, we had a mortgage company in the office yesterday morning with good news...the concerns about what Frank Dodd would mean to the lending process have abated. Things are more clear than they have been in the last couple of years. While the mortgage process will be a bit more cumbersome compared to the days of No Doc loans, guidelines are easing up a bit. Interest rates are expected to rise a bit throughout the year, right now we are seeing around 4.5% for a 30 year fixed and may see them finish the year at 5% or so. REMEMBER, these are still GREAT rates! 2014 is going to be a great year!
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