Siena Research Institute: “Consumers See a Positive Future in the Real Estate Market”
On July 20, 2010 The Siena College Research Institute teamed up with the New York State Association of Realtors to release the 2nd Quarter Consumer Real Estate Sentiment Scores. The SRI conducted the survey on real estate sentiment throughout April, May and June of this year. 2,227 phone calls were made to New York State Residents over the age of 18. Each Metropolitan Statistical Area surveyed had a minimum of 400 additional respondents (with exceptions for NYC and Long Island). Sentiment scores are found though a series of calculations; zero being the breakeven point and scores of -50 and +50 representing rare and extreme results. Negative scores represent pessimistic sentiment whereas positive scores reflect optimistic sentiments.
*Graph from SRI (Siena Research Institute)
Looking at the scores for the Albany Metropolitan Statistical Area it comes to no surprise that the data reflects a buyer’s market. The current sentiment score for buying real estate in Albany is 37.2 representing a very optimistic score for the current market. This score likely reflects the recent federal homebuyer tax credit and the current low mortgage rates, still future attitudes towards buying homes remain optimistic for Albany with a sentiment score of 24.4.
The current sentiment score for selling in the real estate market is pessimistic, but the data shows hope for the market in the future with an optimistic 28.7 future sentiment score. When comparing Albany to other Metropolitan Statistical Areas such as Binghamton, Buffalo, Long Island, Mid-Hudson, Rochester, Syracuse, and Utica; Albany had the most optimistic sentiment score for the overall future of the real estate market and for the future of real estate sales.
*Data and graph from SRI (Siena Research Institute)
This trend signifies an overall hopeful attitude for future improvement in the Capital Region housing market and positive expectations towards higher property values. If more people feel safe selling their homes more housing inventory will become available resulting in the balancing-out of the housing market.
This table breaks down the sentiments by specific demographics of the people surveyed. The demographics include, the general physical area of where the surveyed person lives, homeowners from homes of various market values, and whether or not the person surveyed rented or owned their home.
*Data From SRI (Siena Research Institute)
Data and charts were found at www.siena.edu/sri. If you are interested in more information contact the Siena College Research Institution. SRI is an independent, non-partisan research institute. SRI subscribes to the American Association of Public Opinion Research (AAPOR) Code of Professional Ethics and Practices.
