We like to keep our finger on the pulse of the housing market not only in Portland but in the country as a whole. After going through such an extreme rough patch that saw the housing market collapse simultaneously across the country many companies have been keeping a close eye on the market as well as the economy. So, the real question that remains: Where is the market at now and how far have we come after bottoming out in the market? Well, after much searching and much analysis we finally believe we can tell you just how well the market is doing as it stands currently. In a recent Gallup poll, Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from “very positive” to “very negative.” The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry.” For the very first time since 2006, Americans had an overall positive view of the real estate market, giving the industry a 12% positive ranking. This means that regular Americans, some home owners and others with the dream to become home owners, view real estate in this country in a positive light no more than 6-7 years after the market collapsed. 2013 saw some recovery in this department but it wasn’t until this year that the market had finally been viewed in a favorable light.
Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008 during the housing market crash. Gallup offers some insight into the reason for such a decline in their poll. Firstly, prices dropped:
“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate’s image taking a hard hit.”
And secondly, the housing bubble:
“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries’ close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”
But, the Gallup has good news:
“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”
After looking deep into the analysis of the precisely why Americans think the way they do, the Gallup poll has found that the housing market is headed in the right direction and this is simply reflected in the voting patterns of those polled. Americans’ faith is being restored in the market and the market reflects that show of faith in increased sales, higher home values, and more overall interest in the market. So, if you are looking for a home today you better find one fast because as belief in real estate continues to climb so, too, will home prices. So, buy your home today before too many people fall in love with the market again.