Survey finds optimism about 2002 home sales

Real Estate Watch

March 10, 2002

Members of the Council of Residential Specialists are optimistic about 2002 home sales even as they bid farewell to last year's seller's market, according to an online survey.

Forty-six percent of the 1,326 respondents expect home prices to be somewhat higher in the spring than last year, and 4 percent expect them to be much higher, according to the survey. Another 33 percent expect prices to be comparable. Another 17 percent believe that prices will decline somewhat, and 1 percent believe that prices will be much lower.

Of those who expect to see a rise in price, 41 percent expect the increase to be by only 5 percent.

Thirty-six percent of respondents anticipate a buyer's market and 29 percent predict a seller's market this year, compared with 24 percent and 48 percent last year.

In addition, respondents expect move-up and first-time homebuyers to be equally active.

Last year, 63 percent thought move-up buyers would generate the most market activity.

The council is a not-for-profit affiliate of the National Association of Realtors with 40,000 members.

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