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 didnt. Primary reasons why contemplators havent made a move include, waiting for the right opportunity and havent 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:
Contemplator confidence in the real estate market and property value rose 12 percentage points from mid-2012.
Most common reasons for contemplators not buying or selling:
1.) 44% waiting for the right opportunity.
2.) 32% havent 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