WASHINGTON, D.C. (PRWEB) May 14, 2013
Prudential Real Estate, an HSF Affiliates LLC company, released results of its first quarter Consumer Outlook Survey showing that while contemplator confidence has risen since 2012 they are still waiting for the right opportunity. “Contemplators” are defined in the survey as those who have considered buying or selling real estate in the past year but didn’t. Primary reasons why contemplators haven’t made a move include, “waiting for the right opportunity” and “haven’t found the right home.”
“Our survey data shows that people are feeling better about their personal situations and the U.S. economy,” said Stephen Phillips, chief operating officer for HSF Affiliates. “At the same time, respondents’ views of residential real estate have grown increasingly favorable.”
Additional key observations include:
1.) 44% waiting for the right opportunity.
2.) 32% haven’t found the right home.
3.) 32% trying to save more money
4.) 31% instability of the U.S. economy
5.) 25% not sure about finances
6.) 24% worry about not being able to sell their current home
7.) 18% lack the confidence they can sell their home for the right price
“Consumers are aware the market is shifting. In most of our market areas inventory is lower compared to this time last year and prices are slowly rising,” said Terri Bracciale, regional vice president of Prudential PenFed Realty. “These market conditions are increasing consumer confidence; both buyers and sellers are feeling more positive about their options.”
Contemplators will rely heavily on their real estate professionals to guide them through the process. Sellers are determined to sell this spring as 36% want to use their home as a down payment or leverage for another purchase. If their home does not sell in the spring market; 87% will continue to try and sell and 67% will consult with their real estate professional on how to better market their home. In addition, 62% of sellers said they would make repairs to or redecorate their home.
These motivated home sellers, coupled with increasingly ready buyers, will enable more consumers to enter the housing market and fulfill the American dream of homeownership.
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.