More consumers surveyed prioritize price (56%)
over location (50%) when searching for their dream home
MADISON,
N.J., March 6, 2024 /PRNewswire/ -- Price (56%)
is more important than location (50%) to surveyed consumers when
choosing a home, according to the latest nationwide survey
from Coldwell Banker Real Estate, an AnywhereSM
(NYSE: HOUS) brand. It also finds that women value price more than
men – 60% to 48%, respectively. This bucks the real estate
industry's oldest advice, setting new stakes for this year's
market.
The data further reveal that the dream of home ownership is
still alive and well: Of consumers who purchased a home last year,
31% did so because they found their dream home. Additionally, of
homeowners who plan to sell their homes in the future, 66% say they
plan to move to either a different city, state or country.
"While many consumers made their dream home purchase last year,
the data show that some desire to seek new horizons," said
Jason Waugh, president of Coldwell
Banker Affiliates. "For those still looking for their dream home –
no matter their price range, whether nearby or afar – I encourage
them to contact a real estate agent for local advice and context.
The Coldwell Banker brand equips its global network of affiliated
agents with tools and technology, including the Move
Meter®, where consumers can compare where they live to
anywhere else."
Additional key points emerge from the data, in terms of market
sentiment, social media, ideal home preferences and financial
dynamics, revealing the dreams and desires shaping the U.S. real
estate landscape.
Market Sentiment
A majority of consumers surveyed (56%) believe that the real
estate landscape will either improve or remain the same in 2024
compared to the previous year. Additionally, the data
indicates:
- Consumers who plan to sell their home in the future would be
more likely to move to a different city after they sell their home
now (39%) than in 2022 (19%).
Keeping up with the Joneses
43% of consumers surveyed have been somewhat influenced or
highly influenced by social media in their desire to purchase a
particular type of home. Compare this to the findings from luxury
consumers, with 73% of them saying the same. Other social insights
include:
- Social media significantly influences home preferences for 64%
of consumers aged 18-24, compared to a mere 16% of those aged 55
and above.
- Consumers surveyed who have been influence by social media in
their desire to purchase a particular type of home aged 18-24 are
most likely to have been influenced by TikTok (68%) in their
decision to purchase the preference in the type of home they
desire, while consumers aged 55 and above are most likely to have
been influenced by Facebook (54%).
This suggests a substantial role that platforms like TikTok,
Instagram or other social media channels play in shaping
homebuyers' desires. This signals the need for a strong online
presence and strategy.
Ideal Home Preferences
Across the nation, respondents each have their own version of
the ideal home location, design and size, with no one-size-fits-all
formula arising from the data.
- Almost a third of respondents (32%) said their ideal home is
located in the South, while a quarter said it's in the Northeast
(24%).
- Almost half (49%) of consumers surveyed said their dream home
size is mid-sized: 3-4 bedrooms and 2-3 bathrooms.
- While Ranch comes out on top (13%) for dream home design style
with Modern Contemporary (11%) right behind, more respondents said
they preferred "no style in particular" (16%).
Financial Dynamics Shift
Parental contributions to their children's home purchases differ
among generational and racial groups.
- Over a quarter (26%) of surveyed consumers have not provided or
do not plan to provide financial support for their child(ren)'s
first home.
- Younger respondents (aged 25-34) are more likely (49%) to
consider providing such support compared to those aged 55 and above
(23%).
- Black Americans (46%) and American Indian or Alaska Natives
surveyed (49%) exhibit a higher willingness to financially support
their children's home purchases.
- 58% of consumers agree with the statement 'I consider my home
as an asset that I would pass along to my child(ren).'
Navigating the Future
As the industry adapts to diverse dynamics, real estate
professionals become even more vital guides. The Coldwell
Banker® brand stands as a steadfast partner in this
journey, ready to navigate the currents of the real estate market.
In a landscape shaped by optimism, generational differences and
evolving preferences, real estate agents emerge as the backbone,
providing expertise and guidance. The future of American real
estate is dynamic to say the least, and Coldwell Banker Real Estate
remains a constant, ensuring that dreamers find their dream home in
an ever-evolving market.
Methodology
Coldwell Banker collaborated with
Censuswide to provide insights into real estate trends, market
sentiment, property investment and luxury spending preferences.
Research was conducted between November 27,
2023 and December 11, 2023,
among 4,213 U.S. consumers aged 18 and older. 25% of respondents
(1,053 in total) were luxury respondents classified as those aged
18+ with a household income of $1M+, or who have bought a home in
the U.S. worth $1M+ or are planning to purchase a home in the near
future worth $1M+. Censuswide abides by and employs members of the
Market Research Society which is based on ESOMAR guidelines and
principles.
About Coldwell Banker Real Estate LLC
Powered by its
network of over 98,000 affiliated sales professionals in
approximately 2,700 offices across 40 countries and territories,
the Coldwell Banker® system is a leading provider
of full-service residential and commercial real estate brokerage
services. The Coldwell Banker brand prides itself on its history of
expertise, honesty and an empowering culture of excellence since
its beginnings in 1906. The Coldwell Banker brand is committed to
providing its network of affiliated sales agents with the tools and
insights needed to excel in today's marketplace and is known for
its bold leadership and dedication to driving the industry forward.
The brand was named among the 2024 Women's Choice
Award® "9 out of 10 Customer Recommended Real
Estate Agency." Blue is bold and the integrity and values of
the Coldwell Banker brand give the Gen Blue network an unbeatable
edge. Coldwell Banker Real Estate LLC fully supports the principles
of the Fair Housing Act and the Equal Opportunity Act. Each office
is independently owned and operated. To join Coldwell Banker Real
Estate and unlock the Gen Blue possibilities, please
visit www.coldwellbanker.com/join.
Media Inquiries:
|
|
Athena Snow
|
Alejandra De La
Cruz
|
Coldwell Banker Real
Estate LLC
|
G&S for Coldwell
Banker
|
973.407.5590
|
919.885.1910
|
athena.snow@anywhere.re
|
adelacruz@gscommunications.com
|
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SOURCE Coldwell Banker Real Estate LLC