Consumers say it’s going to take a number of years for the housing market to appreciate in value again, according to a new Housing Predictor online poll. More than 1 out of 3 surveyed say it will take more than five years for the market to improve.
Another 19% or almost one out of five said the housing market will appreciate within five years. A combined total of 46% said that the market will inflate within three years. Only 8%, however, of respondents said things will get better within a year, and another 20% said that things will improve within two years.
The mostly disappointing survey found that respondents seemed mostly realistic about prospects for the housing market after the worst downturn since at least the Great Depression. Isolated markets in North Dakota, South Dakota, Nebraska, New Hampshire and a handful of other states are already beginning to see home values increase in some areas. But most of those places didn’t suffer the major boom to bust cycle that the rest of the U.S. experienced.
However, the tone of participants taking the survey seems to be optimistic when it comes to the housing market. Not a single respondent said that the housing market would not appreciate in value in the future. That over-riding confidence stands for one big vote for the U.S. real estate market.
When do you think the housing market will appreciate?
Within 1 year 8% Within 2 years 20% Within 3 year 18% Within 5 years 19% More than 5 years 35%
To see the previous poll results click here.