This is the time of the year that people begin thinking about fixing up their existing home, or building a new one. Spring makes us all feel a bit more optimistic, and as the economy improves, even in western Colorado, we think that current market information is important to share with our clients.
American homeowners have reported a new outlook on the housing market—56% of Americans are now reportedly expecting an increase in local home values.
A recent article by Jeffrey M. Jones from Gallup Economy analyzes Americans’ response to the question, “Over the next year, do you think that the average prices of houses in your area will increase, stay the same, or decrease?”
The poll results showed a difference of opinion from those surveyed from 2008-2011, indicating that Americans have had lower expectations in previous years. Starting in 2012, however, the number of United States homeowners who expected price increases began to rise, showing 33% optimism in 2012 and a whopping 56% optimism in 2014.
Jones points out certain data that are specific to the Southern states. According to the poll, 54% of homeowners in the South agree that home values are on the rise. Some of these opinions can be attributed to individuals’ personal experiences. During the harsh dip in the economy, the number of homeowners with upside down mortgages was drastically higher than that of today. However, recent improvement in market health has had an effect on Americans’ expectations and outlook for the future.
For more poll results and additional information, read the full article here