Survey Finds Consumers Trust Real Estate Agents

December 19, 2007 (PRLEAP.COM) Business News
Despite a slumping national real estate market, an over-whelming majority of consumers trust real estate agents to handle their property dealings and will use agents services in the future, a survey has found.

The survey was conducted by the independent research firm Housing Predictor, which forecasts housing markets in more than 250 local housing markets in all 50 U.S. states. The study was conducted the first two weeks of December.

The survey comes at a time when the U.S. real estate market is at the height of a nationwide slowdown, and in the beginning of a financial storm that could worsen over the next few years. Foreclosures have hit all-time record levels as a result of the credit crunch and real estate sales have slowed throughout the majority of the nation. But home owners surveyed realize by more an 8 to 2 margin that real estate agents offer a valuable service.

Only 18% of those surveyed said they did not intend to use a real estate agents service in the future, which indicates that agents are doing a good job in the representation of the public buying and selling real estate.

A small number of consumers expressed disappointment with their previous agents service, indicating they would try to sell or purchase property on their own when the time comes to make such a move. However, the majority of those felt that their agentsí worked to represent their best interests.

By the end of the year more than two million homes throughout the nation will be foreclosed as a result of the nationís subprime lending crisis, and higher mortgage payments home owners are unable to afford. The foreclosure rate has doubled and is expected to worsen as more than 2-million additional adjustable rate mortgages are reset in the next 18 months.

The crisis has broad implications for the national economy and economists increasingly believe the series of problems will send the U.S. economy into a major recession, which could be the worst since the Great Depression.

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