Lake & Land Realty wanted to share this artice published on Trulia.com as it is positive news for the Real Estate Market!
INTEREST IN SUPER-SIZED HOMES NEARLY DOUBLES IN PAST YEAR
Americans Optimistic About Housing Recovery: 58 Percent Believe Home Prices Will Return To Bubble-Era Highs Within 10 Years
SAN FRANCISCO, June 20, 2012 – Trulia today released the results of its American Dream survey, which has tracked American attitudes towards homeownership since 2008. Harris Interactive conducted this online survey on behalf of Trulia among 2,205 U.S. adults, age 18 and over, between May 22 - 24 and among 2,230 U.S. adults, age 18 and older, between June 4-6, 2012.
Optimism Runs Ahead of Housing Market Reality: With prices rising quarter over quarter in 86 of the 100 largest U.S. metros in May, according to the Trulia Price Monitor, it’s not surprising that nearly two-thirds (61 percent) of Americans believe home prices in their local market will rise in the next year. However, American’s hope for a real estate market bounce-back may be too high. Even though prices in many markets reached unprecedented and unsustainable levels during the boom, 58 percent of Americans believe home prices in their local markets will return to their previous high in the next 10 years.
Return of Super-Sized Homes: After veering away from super-sized homes throughout the recession, Americans are yet again attracted to the idea of bigger homes.According to the survey,more than 1 in 4 (27 percent) Americans who believe home ownership is part of achieving their personal American Dream said that their ideal home size is over 2,600 square feet – up from 17 percent in 2011.In fact, interest in homes of more than 3,200 square feet nearly doubled in the last year from 6 percent in 2011 to 11 percent in 2012.
Starter Home Reality Check: Homeownership remains central to the American Dream. In fact, 72 percent said owning a home is part of achieving their personal American Dream. Among renters, 78 percent—many of whom may be first-time homebuyers—aspire to buy a home at some point in the future. However, most have unrealistic expectations about their prospective starter home. When surveying renters on what amenities would make them fall in love with a home if they were in the market for a home today, the top amenities were a master bathroom (62 percent), walk-in closet (56 percent) and gourmet kitchen (50 percent). However, there is a clear disconnect between what renters want and the reality of what actual homeowners said they had in their first home. Only 26 percent of homeowners said that they had an en-suite master bathroom in their first home, while just 35 percent had a walk-in closet and 9 percent had a gourmet kitchen.
Real Estate Expectations vs. Reality: Hard Pill to Swallow