New York’s consumers see a bright future for the real estate market

July 21, 2010

by NYSAR

Albany, NY- July 20, 2010 – (RealEstateRama) — The New York State Association of REALTORS, in partnership with the Siena Research Institute (SRI) released the first-ever quarterly New York State Consumer Real Estate Sentiment scores for the 2010 second quarter. Overall, the survey found New York consumers are negative about current real estate market, but optimistic about the future. They feel that it is a very good time to buy, but a poor time to sell. Selling prospects increase over the next year and buying remains positive, indicating high hopes for the future of the New York real estate market.

“The Sentiment Scores confirm that across New York people know that the last year has chipped away at the housing market and real estate values,” said SRI Director Don Levy, PhD. “But New Yorkers see value today and recognize that this may be one of the best times in quite a while to buy. And it is heartening to see that the housing market bedrock remains strong with future sentiment overall, and attitudes towards both buying and selling positive looking forward.”

These scores were derived from a survey conducted throughout April, May and June 2010 by random phone calls to more than 2,000 New York State residents. The survey will be conducted each quarter and will include change from one quarter to the next.

“Our goal is to report on a quarterly basis an empirical appraisal of the public’s mood toward buying and selling a home in New York State,” said NYSAR CEO Duncan MacKenzie. “During the worst of the housing downturn we were concerned that the media did not have enough New York State specific information. The goal of the NYSAR/SRI score is to help give you another piece of the ever changing housing market puzzle.”

To read the SRI release, click here.