Report: American confidence in real estate market rising

According to a recent survey conducting by the Prudential Real Estate and Relocation Services, a majority of Americans are confident the real estate market will soon recover from the effects of the recession.

Of the 1,253 Americans between the ages of 25 and 64 who responded, 59 percent felt the market would recover, and 58 percent planned on buying or moving to new real estate soon. Eighty-nine percent of respondents stated they could pay less for housing now, acknowledging the prices of home declined during the last several years.

"This survey clearly demonstrates that Americans continue to be optimistic about the real estate market and believe that home prices will rise," said James Mallozzi, chief executive officer of Prudential Real Estate and Relocation Services. "A key take away from the survey is although consumers recognize that it is a good time to buy, they are concerned about their ability to sell their homes. This is one of the reasons the market is still struggling to recover."

Beyond the increased optimism the survey's respondents showed, many acknowledged a desire to trade up their current house for better relocation. Sixty-four percent stated they want more space or property, while 49 percent wanted a nicer house and 41 percent a better neighborhood.

In addition to this national optimism, a recent report from the Washington Examiner relayed that D.C.-based real estate agents foresee a profitable spring season in their area. 

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