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Survey finds current real estate sentiment on the rise

Rochester Business Journal
October 23, 2013

Overall real estate sentiment across New York is up, according to a recent poll by the Siena College Research Institute.

The overall current real estate sentiment score among New Yorkers in the third quarter is 17.7, above the level where equal percentages of citizens feel optimistic and pessimistic about the house market and it is up 4.2 points from last quarter. Upstate sentiment was at 19.4, while New York City suburbs came in at 22.8. New York City was at 13.7.

The overall future real estate sentiment score is 24.8 (down from 29.6 last quarter) indicating that New Yorkers expect the overall real estate market and the value of property to increase over the next year. Consumers see now as an improved time to sell with a score above breakeven at 12.2 (up 5 from last quarter), and simultaneously as a good time to buy with a positive score of 12.5.

“For the second consecutive quarter, New Yorkers’ view of the real estate market is strongly positive and the expectation is that this market is here to stay,” said Don Levy, the research institute’s director, in a statement. “Our numbers indicate that real estate is squarely in the ‘thriving zone’ in which citizens see steady growth in real estate values and both buyers and sellers coming out ahead today and tomorrow.”

The SRI survey of consumer real estate sentiment was conducted throughout July through September by random telephone calls to 2,175 New York state residents age 18 or older. The scores range from 100 to -100, with zero representing a breakeven point at which equal levels of optimism and pessimism among the population have been measured relative to the overall market, or buying or selling real estate.

 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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