Seventy-two percent of Americans say they expect property values to improve in the next two years, according to the Prudential Real Estate Outlook Survey of home buyers and sellers.
As such, nearly 70 percent believe real estate makes a good investment, despite the market volatility over the last few years, according to the survey.
“Americans are feeling better about home ownership and the ongoing recovery taking place in residential real estate,” says Earl Lee, president of Prudential Real Estate. “Many are increasingly optimistic about their personal circumstances and, with housing affordability near all-time highs, they want to act on the opportunity.”
Many of the Americans surveyed are placing a higher priority on the emotional draws to home ownership over financial reasons. For example, Americans reported wanting a home so they can have more “control over living space,” “more space for family,” a “safer neighborhood,” and a “good place to raise a family.”
“Normalcy is returning to the U.S. real estate market and more people are buying homes for traditional reasons — to raise a family, feel secure and build a future,” Lee says. “Every last emotion is rolled up into owning a home — it’s where life happens — so it’s no surprise that the emotional side outweighs financial reasons for owning a home among respondents.”
Still, many survey respondents reported the housing crisis reminds them to take more caution when buying and selling a home.
Source: “Survey Shows Americans Are Increasingly Confident About Home Ownership,” RISMedia (July 11, 2012)
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