A new poll by the Institute for Policy and Opinion Research at Roanoke College explores Virginians’ opinions of the real estate market.
Read the full results below in this news release from Roanoke College:
Salem, VA – Virginians weighed in on their opinions of the real estate market for the second time this year. The Roanoke College Poll interviewed 608 Virginians about their opinions of the current market and their expectations for the future. Additionally, respondents indicated their willingness to buy and sell property today and in the coming year. The real estate indexes were constructed using the same methodology as the Siena Research Institute. A measure of zero indicates an equal share of respondents feeling optimistic, compared to those who feel pessimistic about the housing market. This is the second survey from IPOR on the Virginia real estate market. The report will be released each quarter after the Consumer Sentiment and Price Expectations report. The next report is scheduled for release in February 2014.
Overall sentiment up, buyers cautious about the coming year
Although sentiment has waned since August, all measures of the real estate market in Virginia are above the point where equal shares of respondents feel optimistic and pessimistic. Figure 1 shows the real estate indexes for the Commonwealth. Overall sentiment is down since August, although still quite strong. More than 57 percent of Virginians believe that the condition of the real estate market has improved since last year, while 49 percent believe that conditions will improve in the next year.
Figure 1. Real Estate Index, Virginia (black line = thriving)
Sale prices and other real estate market outcomes depend upon a variety of factors influencing buyers and sellers. Several positive reports are likely playing a role. The Virginia labor market is considerably stronger than the nation as a whole. The October seasonally adjusted unemployment rate in the Commonwealth was unchanged since September at 5.6 percent, which is well below the national rate of 7.3 percent. Overall prices for goods and services have remained low since the recent economic recession. Housing inventories have risen in recent months in most areas of the Commonwealth. Read more »