A team of real estate experts teamed up to create a “homeowners confidence survey.”
The data, which was complied by City Property Management and Elliot D. Pollack and Company, exposed three trends in homeowner sentiment:
Sellers are in short supply. Home prices are still low. Neighborhood parks rule.
The first edition of the Pollack-City Property Management Homeowners Confidence Survey contains data for the first two quarters of 2013. Subsequent editions will be published quarterly.
The findings showed that less than three percent of the residents surveyed plan to sell their home in the next three months. The survey also shows 47 percent feel home prices are still too low, while 45 percent say they are about right. Only eight percent feel home prices in Arizona are too high.
The data for the survey came from neighborhoods in the nearly 300 homeowners associations managed by City Property Management.
There were 447 residents who responded, with 39 percent in the Southeast Valley, four percent in the Northeast Valley, 19 percent in Phoenix, 30 percent in the West Valley and seven percent from the balance of the State (including Pinal County and Yuma County).
Of those surveyed, 39 percent purchased their homes new, 61 percent bought from a previous owner, 81 percent of the respondents reside on the property full time.
The survey also found that:
- 62% feel a neighborhood park is the most important community amenity
- 37% plan to start a home improvement project in the next three months
- 11% plan to refinance in the next three months
This is the first quarterly survey, and the analysts said that they plan, after conducting more surveys, to spot trends.