Economy
12:18 pm
Thu January 24, 2013

New Yorkers More Confident About Real Estate Market

Credit www.turbotax.intuit.com

According to a Siena College Research Institute survey released this morning, New Yorkers are feeling more positive about the real estate market than they have in at least three years.  

SRI's Director, Dr. Don Levy says, "For the first time in this study's history, dating back to the first quarter of 2010, New Yorkers as a whole and in every area of the state say that the market has turned and that values over the last year have improved.  They believe that positive trend will continue.  While a year ago they said the market was in decline and that the only potential winners were cash rich buyers who took advantage of desperate sellers, today, New Yorkers see a growing real estate market in which buyers have a small but shrinking advantage over sellers.  This study shows that New York now is headed towards a thriving real estate market."

The overall current Real Estate Sentiment score among New Yorkers, according to the Siena survey, is 5.1, up 11.9 points from the previous quarter.  Consumers in the poll said they expect the overall real estate market and the value of property to increase over the next year.