Berkshire Hathaway HomeServices Survey Finds Faith in Real Estate Market

The Becky Gloriod Partners

Three years ago, you could be priced right and your home still wouldn’t sell. Today, if you’re priced competitively, your home probably will sell.

The latest Berkshire Hathaway HomeServices Homeowner Sentiment Survey found that optimism toward the U.S. economy and real estate market rose across all generations of current and prospective homeowners. However, rising interest rates continue to be a concern among prospective homeowners – Millennials in particular – who reported a sense of urgency to buy before mortgage rates rise further.

Overall, 62% of prospective homeowners and 61% of current homeowners said they are satisfied with the U.S. economy, with respondents from both groups overwhelmingly reporting that the general economic outlook is a critical factor impacting their real estate decisions. When looking at views toward the real estate market, 68% of prospective homeowners and 70% of current homeowners hold a favorable view, an increase of 5 percentage points and 4 points, respectively, from the last wave of the survey. Nearly half of current homeowners cited lower interest rates as the top reason for their favorability toward the market; 43% of this group also pointed to the increased value of real estate as a factor driving favorability.

“In Colorado Springs, all price ranges are improving. Homes under $400,000 have experienced the greatest appreciation. Homes in the higher price ranges have not seen much, if any, appreciation. However, the number of high-end sales has definitely increased,” said Becky Gloriod, founder and broker associate of The Becky Gloriod Partners and Berkshire Hathaway HomeServices. “Three years ago, you could be priced right and your home…

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