New Yorkers more confident in buying than selling

As far as consumers in New York are concerned, it's better to be moving into a new home today than trying to sell one.

A study by the Siena College Research Institute and the New York State Association of Realtors found that in the third quarter, New Yorkers were largely pessimistic when it came to the prospect of selling a home. That index scored a -40.1, down 10.1 points from the previous quarter and significantly below a neutral score of 0, indicating that many New Yorkers recognize that selling a home today is a difficult endeavor.

On the other hand, many also seemed to recognize that low interest rates and falling home prices make moving into a new home today an affordable prospect. When it came to buying a new home, New Yorkers' sentiment scored a 35.1, up 2.6 points from the previous quarter. They were also confident regarding the idea of buying a home within the next year, with that index scoring a 21.9, up 8.3 points from the second quarter.

When it came to the overall state of the New York real estate market, consumers gave it a -31, a 12.2 point drop from the previous quarter, although consumers also indicated an optimism outlook toward housing in the next 12 months.

The regional report was in line with national figures from the National Association of Realtors, which found that 68 percent of Americans view moving into a newly-bought home in today's market favorably.
 

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