As more cities across the nation experience double dips in home prices, 54 percent of adults believe recovery in the housing market will not happen until 2014 or later, according to the survey released today. In a previous survey conducted six months ago, 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around. Now, only 23 percent continue to think this will happen.
- FROM PETE FLINT, CEO OF TRULIA
“Most Americans, as our latest survey revealed, overestimated how quickly the housing market would bounce back, but when it does, it will likely be a long and gradual process. Looking at the recent double dips in home prices, I expect the rest of 2011 to be volatile for real estate,” said Pete Flint, co-founder and CEO, Trulia. “On the flip side, mortgage rates won’t stay low forever and even if home prices continue to fall for a bit, now is still a good time to enter the housing market. In my eyes, we have another 18 months until we start to see signs of price stability in the housing market.”
- FROM RICK SHARGA, SVP OF REALTYTRAC
"Our survey reflects a growing perception among potential homebuyers that the housing recovery is still a long way off," said Rick Sharga, senior vice president of RealtyTrac. "Demand remains weak, loans are increasingly difficult to qualify for, and the shadow inventory of several million distressed properties is weighing down the market. All of these things need to improve before housing can recover.
It looks to me like most average Americans have a better grasp of the state of the housing market than do most of the housing economists as well as the head of NAR (National Association of Realtors).
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If you’re currently considering purchasing a primary residence or any investment property…call me first and lets see if that is the best move for you right now.
Owners thinking about selling now or in the near future…we certainly should sit down together so you can have a clearer view of your options.
Thanks for reading,
Steve Jackson
561-602-1258
