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What Do Low Prices and Mortgage Rates Mean for the Spring Home Buying Season?

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RISMEDIA, March 11, 2011—Sixty-six percent of Real Living real estate agents believe this spring’s home buying and selling season will be more active than last year’s, according to a new national survey conducted by the company at its annual Momentum 2011 business conference last month.

The news comes at a time when the real estate market appears poised for a comeback: Home prices and mortgage rates are nearing record lows in most areas of the country.

Meanwhile, 29% of respondents believe this year’s spring activity will be about the same as last year’s, while 5.6% believe activity will be less than last year.

“Our survey took an up-to-the minute pulse of what’s going on in real estate markets from coast to coast, providing a fascinating look at how real estate agents believe their markets will perform this spring versus last year,” said Harley E. Rouda, Jr., president of Real Living. “With prices at near record lows and 30-year fixed mortgage rates hovering around 5 percent, the outlook is encouraging.”

Rouda added, “Our agents are reporting that there may be a window of opportunity for buyers and sellers since more than two thirds of those surveyed believe mortgage rates are poised to increase in 2011,” Rouda said.

The following are additional highlights from the survey:
“When it comes to mortgage rates, I believe in 2011:”
-They will increase: 67.9%
-They will decrease: 3.7%
-They will stay about the same: 14.7%
-They are as good as they can get: 13.8%

“What’s the greatest challenge for me/my company right now?”
-Attracting more buyers: 45.6%
-Getting properties to appraise: 7.9%
-Keeping my seller clients happy: 20.2%
-Helping my buyers find financing: 26.3%

“What tool do you plan to use more in 2011 to drive more business?”
-Social media: 48.3%
-Blogging: 10.3%
-Print advertising: 2.6%
-Online advertising: 38.8%

For more information, visit www.realliving.com.

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