CAPITAL DISTRICT A study released by the Siena Research Institute at Siena College last week found that for the first time in almost four years, the state’s residents feel the real estate market is on the upswing.
The Real Estate Sentiment scores, released on Wednesday, July 15, revealed that New York residents believe the real estate market is “once again healthy,” SRI Director Don Levy said. A three-and-a-half-year study sampled residents throughout the entire state on their perceptions and attitudes towards the changes in the overall real estate market and what they think about the prospects of selling and buying real estate.
Surveys were conducted over the course of an entire quarter, with 2,418 respondents. Levy said the questions were part of an ongoing of consumer confidence study and respondents were of every age and income level. New Yorkers were asked if they felt the market had improved a great deal, somewhat, stayed the same, worsened or worsened significantly.
In most circumstances, New Yorkers believe values in the real estate market are improving.
“What’s really remarkable about this most current release, these are the best numbers we have seen in three-and-a-half years in a couple of different ways,” Levy said. “First, it’s the strongest number we have seen in terms of the overall appraisal of the current market.”
Research indicated that in the second quarter of 2013, from April to June, the sentiment score was 13.5, which is above the point where equal percentages of citizens felt the housing market was optimistic and pessimistic; it is also up 7.1 points from the last quarter. Levy said close to 50 percent of New Yorkers felt the market has improved.
Levy also noted that the relationship between buyers and sellers has changed and the gap between the two has “almost disappeared.”
“While there is still a small advantaged of buyers over sellers, it’s almost disappeared with the perception that now it’s a far improved time to sell than it has been,” Levy said.