A recent report released by Prudential Real Estate found that the number of consumers that are positive about the residential market in 2014 has grown more favorable in December. Of those surveyed, 78 percent of consumers are optimistic toward the residential market in 2014. This is a 5-point increase from the previous quarter. The report also found that particularly the younger generation is more optimistic; around 87 percent of Millennials look favorably toward the 2014 residential market.
The rise in confidence comes from the steady, yet slow, climb in the U.S. economy. Overall, consumer confidence is on the rise, and nearly 3/4 of those likely to buy or sell this year said they are more committed to closing a deal this year.
Looking forward in 2014, consumer confidence will bring a positive light on the residential market as Americans search for security and a place to raise a family. Nearly 96 percent of Americans find that owning a home is important. At VMG, we are hopeful that the rise in the consumer confidence will result in our clients experiencing an increase in homebuyer applications in 2014.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.