We believe more consumers will enter the market this year to capitalize on mortgage and pricing opportunities, and to secure their part of the American Dream.
WASHINGTON, D.C. (PRWEB) May 07, 2013
Prudential Real Estate, an HSF Affiliates LLC company, today released results of its first quarter Consumer Outlook Survey showing that American sentiment toward real estate is growing increasingly favorable. For those who have been watching market fluctuations in recent years, 74% of respondents say that interest rates are historically low and 87% say the time to buy is now while mortgage rates and average home prices are attractive.
“We believe more consumers will enter the market this year to capitalize on mortgage and pricing opportunities, and to secure their part of the American Dream,” said Stephen Phillips, chief operating officer for HSF Affiliates.
More optimism in the housing market adds an additional dimension to the spring buying season. Beyond other factors, 80% of prospective buyers are looking for a good value this spring and 48% are open to exploring neighborhoods they hadn’t previously considered to achieve that objective. The majority of buyers who feel it will be easier to acquire a home this spring feel that way because the market has improved and “homeowners want to sell.”
“Anticipation seems to be building for both buyers and sellers this spring buying season,” said Earl Lee, chief executive officer of HSF Affiliates LLC and president of Prudential Real Estate.
Additional key observations include:
- 87% of sellers are committed to seeing a sale through if their home does not sell quickly.
- 67% of sellers are open to additional guidance from their broker/agent on how to better market their home.
- 62% of sellers are willing to make repairs or redecorate in order to attract more interest in their properties.
- Additional factors for home purchasing in this spring market include: an abundance of homes on the market, wanting to have a place with outside living space, a good broker/agent, and good weather in the spring season.
“There is no question that we have a growing number of market savvy buyers poised to take advantage of what we believe will be an increasing inventory of homes this spring,” said Judy Rudat, regional vice president of Prudential PenFed Realty.
A full 77% of consumers feel that the real estate market and property values will recover, representing a four-point improvement from year-end results and seven-point jump over the same period a year ago. Prospective home-sellers indicated that “finding the right house to buy first” and “making a profit” were the primary reasons they would list their homes this spring.
Prudential Real Estate Outlook Survey Methodology
Interviews with 2,500 Americans who are “in the market” to buy or sell a home were conducted online by Edelman Berland in February 2013. 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 ± 2.0% for all respondents.
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 HomeServices brand available later in 2013. Prudential Real Estate franchises are independently owned and operated.
HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Asset Management.
Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities and are used under license with no other affiliation with Prudential.
About Prudential PenFed Realty
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. Over 1,700 top-notch sales professionals work out of Prudential PenFed Realty’s 49 offices to provide complete real estate services in Delaware, Florida, Kansas, Kentucky, Maryland, North Carolina, Northern Virginia, Pennsylvania, Washington, D.C. and West Virginia.
Prudential PenFed Realty is an affiliate of the Brookfield/Home Service Franchise (Formerly Prudential Real Estate) Residential Property Services network. Its franchises are independently owned and operated. The network provides franchises with numerous benefits, including access to Prudential Real Estate’s Online Seller Advantage® program designed to provide real-time information to sellers in an easy to use system; and Online Buyer Advantage®, enabling consumers to easily search for property in all 50 states and the District of Columbia. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,500 franchise offices and 50,000 sales professionals in the franchise network as of December 31, 2011.
©2013 BRER Affiliates LLC: An independently owned and operated broker member of BRER Affiliates LLC. 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.
Learn more about Prudential PenFed Realty by visiting PenRedRealty.com, call our Career line at 888.732.8233, or email us at: careerline(at)PenFedRealty(dot)com.