New Yorkers in all regions are viewing the real estate market positively for the first time in three years, including increased optimism about housing values and market conditions, Gannett’s Haley Viccaro reports.
A Siena College real estate sentiment report released Thursday found that for the fourth quarter in 2012, the overall confidence score about the housing market increased by 11.9 points from last quarter.
“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,” said Don Levy, director of the Siena Research Institute, in a statement.
The state’s overall current sentiment score is 5.1 points, which indicates people are expecting the housing market and value of properties to increase during the next year.
A sentiment score of zero is the breakeven point between optimism and pessimism.
The overall confidence score for home sales was -14.8 points in the fourth quarter, an increase of 6.2 points from last quarter. The score shows that consumers believe it is a poor time to sell and a better time to buy a home, which had a high score of 22.9 points.
“New Yorkers see a growing real estate market in which buyers have a small but shrinking advantage over sellers whose position continues to improve,” Levy said in a statement. “This study shows that New York right now is headed towards a thriving real estate market.”
In upstate New York, the overall consumer confidence in the real estate market reached 7.4 points, which was the greatest increase statewide. Compared to last quarter, the fourth quarter had a 16.9-point increase in score.