Yesterday during the Pennsylvania Association of Realtors® (PAR) Board of Directors meeting, I had the opportunity to talk about some exciting new survey results concerning our industry. Leaders of our association continue to be optimistic about future growth in housing, according to a new survey conducted by Keystone Analytics®.
Key findings include:
- Buyers and sellers are enthusiastic and motivated. Fifty-six percent of respondents believe that sellers are more motivated to list their home for sale, while only 17 percent believe they are less motivated. Fifty-eight percent of respondents think that buyers are more motivated to purchase a home for sale, with only 15 percent saying that buyers are less motivated.
- Leaders continue to be optimistic about future growth in housing. Fifty-seven percent believe that sales prices will increase over the next six months, while 47 percent believe new construction starts will increase, and 61 percent believe that multiple offer deals will increase. In addition, 58 percent of respondents believe that the housing market will improve over the next six months.
- Housing inventory will increase and won’t stay on the market for long. Fifty-one percent of respondents believe that the amount of inventory available will increase over the next six months, while 51 percent also believe that the amount of time inventory will stay on the market will decrease over the corresponding period.
- Interest rates and mortgage credit availability will hold steady. Forty-eight percent of respondents believe that interest rates will not change over the next six months, with 42 percent believing they will increase and five percent thinking they will decrease. In addition, 50 percent of respondents believe that availability of mortgage credit will hold steady, while 30 percent think it will increase.
A $25 gift card was randomly awarded to one member completing the survey. Congratulations to Larry Hatter of RE/MAX Realty Associates in Camp Hill. The results are based on an Internet survey of 175 members of the Pennsylvania Association of Realtors® who are identified as leaders of the association.