Survey shows association leaders optimistic about real estate industry

Yesterday during the Pennsylvania Association of Realtors® 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:

• Sellers are enthusiastic and motivated. Fifty-eight percent of respondents believe that sellers are more motivated to list their home for sale, while only 15 percent believe they are less motivated. In 2014, 56 percent of respondents believed that sellers were more motivated to list their home for sale, while 17 percent believed they were less motivated.
• …And so are buyers! Sixty-five 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. In 2014, 58 percent of respondents thought that buyers were more motivated to purchase a home for sale, with 15 percent saying that buyers were less motivated.
• Realtors® see the greatest increase among Generation Y clients. When asked about their client base, nearly 50 percent of respondents indicated the largest growth among buyers and sellers aged 25-34. Over 21 percent of respondents said that Gen Xers (ages 35-50) continue to be involved in the market.
• Leaders continue to be optimistic about future growth in housing. Respondents expect increases in indicators of a healthy housing market such as new construction, sales prices and available inventory, along with decreases in indicators of less healthy housing markets such as inventory time on market and the volume of foreclosures.
• Interest rates and RESPA changes are a concern. Sixty percent of respondents believe that interest rates will increase over the next six months. In last year’s survey, 42 percent indicated that interest rates will rise. In addition, more than 60 percent of respondents think that the new changes to the Real Estate Settlement Procedures Act (RESPA) will impact their business.

A $25 gift card was randomly awarded to one member completing the survey. Congratulations to Susan Reese-Hartzell from Berkshire Hathaway Home Service in Murrysville.

The results are based on an Internet survey of 182 members of the Pennsylvania Association of Realtors® who are identified as leaders of the association.