Real estate professionals are more optimistic that prices will increase this year than they were last year, but they’re less enthusiastic about the outlook for sales increases in 2013 than they were in 2012.
For 2013, 84 percent of surveyed real estate professionals believe that real estate values and the number of transactions will increase this year over 2012. Whereas in 2012, one-third of real estate markets were forecasted to see valuation declines, no single market is expected to see a decline in valuations or transactions in 2013, according to a survey of more than 2,400 real estate professionals, all members of ActiveRain, the real estate industry’s largest social media network.
Some 28 percent more participants in the survey this year than last year expect values to improve and 21 percent more expect housing starts to increase. However, only 11 percent more expect the number of real estate transactions to grow and 12 percent ,more anticipate improvement in their local economies.
“The differences in how real estate professionals are seeing the market in the past 12 months is significant,” said Nikesh Parekh, CEO of ActiveRain. “Confidence in the real estate market has increased by 28 percent, and a rebound in both housing and construction this year is a great sign for the economy.”
A similar survey in early 2012 correctly predicted the bottom of the US real estate market, as the National Association of REALTORS (NAR) showed a 9 percent jump in existing-home sales over the previous year.