Prudential Real Estate Outlook Survey Reveals Home Ownership Is Increasingly Important to Younger Americans

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Given the dynamics and challenges of the marketplace, the survey found that 72% of survey participants say it’s more important than ever to work with a good real estate agent for success when buying or selling a home.

Since shopping for a home remains an area where Americans look for trusted sources of information and guidance, today, more than ever, real estate agents have many opportunities at hand to create new client relationships.

Prudential Real Estate, an HSF Affiliates LLC company, recently announced that an end-of-year survey shows that Millennials and Generation Xers place a higher importance on and hold more favorable views toward homeownership than older generations.

“Millennials and Generation Xers face a unique opportunity in U.S. housing,” said Earl Lee, chief executive officer at HSF Affiliates LLC and president of Prudential Real Estate. “They are generally optimistic about homeownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest.”

According to the national survey, confidence increased marginally among respondents to this most recent survey with 73% at least somewhat confident in the recovering real estate market and property values as opposed to 72% in Q2.

Additional key observations include:

  •     Home ownership remains important to 96% of Americans with 77% of respondents ages 25-34 and 78% ages 35-44 indicating home ownership is “very important.”
  •     Space, safety and investment drive the reasons to own a home, with 97% of respondents stating that home ownership allows for more control over living space. Tax benefits finished a distant sixth on the survey’s reasons for buying a home.
  •     63% of Americans have a favorable or somewhat favorable perception of the U.S. residential real estate market and, again, younger generations are more likely to possess a favorable opinion when compared to their older counterparts.

“These survey results are a true indicator that the aspiration of homeownership is still alive and thriving,” said Kevin Wiles, President of Prudential PenFed Realty, Mid-Atlantic region. “Since shopping for a home remains an area where Americans look for trusted sources of information and guidance, today, more than ever, real estate agents have many opportunities at hand to create new client relationships. What could be more rewarding than playing a pivotal role in making the ultimate American Dream experience a reality for a new generation of homebuyers?”

Prudential Real Estate Outlook Survey Methodology

Interviews with 5,000 Americans who are “in the market” to buy or sell a home were conducted online by EdelmanBerland, between December 5-14, 2012. Respondents are aged 25-64 with a household income of at least $50,000, and either recently bought/sold a home or are considering buying/selling a home. The margin of error is ± 1.4% for all respondents.

Prudential PenFed Realty, wholly owned by PenFed (Pentagon Federal Credit Union), is a full-service real estate company with an annual sales volume over $1.7 billion; serving PenFed members as well as the general public. Recognized as a leading real estate company in its service area, it is ranked among the top Prudential affiliates nationwide. With 47 offices and over 1400+ world-class sales professionals, Prudential PenFed Realty offers complete service coverage in the Maryland, Northern Virginia, West Virginia, Pennsylvania, Delaware and Washington, D.C. markets, as well as Tennessee, Kentucky, North Carolina, Texas, Kansas, and Florida.

Learn more about Prudential PenFed Realty by visiting http://www.penfedrealty.com, call our Career line at 888.732.8233, or e-mail us at: careerline(at)PenFedRealty(dot)com.

About Prudential Real Estate and HSF Affiliates LLC

Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Real Living Real Estate and the new Berkshire Hathaway HomeServicesSM brand available later in 2013. Prudential Real Estate franchisees are independently owned and operated. Companies are selected based upon outstanding performance records and high levels of customer service. Real Estate brokerage services are offered through the independently owned and operated network of broker member franchisees of BRER Affiliates LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities. Used under license with no other affiliation with Prudential. Prudential-PenFed Realty is an independently owned and operated member of BRER Affiliates LLC. PenFed Membership is not required to conduct business with Prudential-PenFed Realty.

HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Residential Property Services.

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Amy Doane
PenFed
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