Prudential Real Estate has released the results of its third quarter Consumer Outlook Survey indicating men and women tend to take up different tasks in the home-buying process and view homeownership through a slightly different lens. However, both say their real estate agent helped ease the decision-making process. Take a look at the infographic in this moew insight into each role in the home-buying process.
Confidence in the real estate market is on the rise, and millennials still believe in the American Dream. However, there is a knowledge gap that calls for advice and guidance from real estate professionals. Consumers have their eyes on interest rates.
Prudential Real Estate, an HSF Affiliates LLC company, and Prudential Homesale Services Group released results of their second quarter Consumer Outlook Survey indicating that millennials are increasingly optimistic about residential real estate. A full 80% of respondents ages 25-34 said their perception of the housing market is “favorable” or “somewhat favorable,” representing a 9 percentage point increase from the Q1 study.
Among all respondents, the national survey also found that confidence in real estate and home values jumped sharply, reaching 83% vs. 77% in Q1 study and 73% at year-end. Confidence is highest in both South and West regions at 84%.
“Young Americans, like the majority of survey participants, are feeling much better about homeownership,” said Earl Lee, chief executive officer of HSF Affiliates LLC and president of Prudential Real Estate. “People are looking optimistically at housing for all right reasons – a place to feel secure, build a future and raise a family.”
Among all respondents, 70% said that finding the right home and community is crucial to family happiness. Millennials were even more emphatic about the emotional side of homeownership: 93% favor a home for “more space for my family,” while only 75% view it as “financial security to borrow against.”
“Consumers are mindful of the challenges faced during the real estate downturn,” added Earl Lee, CEO of HSF Affiliates LLC and president of Prudential Real Estate. “Though homeownership makes a solid, long-term investment, a home should never be considered a siding-clad ATM.”
Mortgage and Rate Watch
On securing a mortgage loan, consumer sentiment continues reflecting the challenges people face through strict underwriting guidelines and credit-score requirements:
• 57% of respondents said securing a mortgage is more difficult than it ever was prior to the market crisis.
• Nearly 40% said lenders are “overly cautious” when it comes to mortgage financing.
• Anxiety and fear of losing a real estate opportunity are respondents’ main emotional challenges in seeking home financing.
• With rates rising recently, 71% said they are encouraged to buy a home now rather than later. It is worth noting that 78% of respondents indicated that homeownership is valuable regardless of shifting rates.
While 65% of respondents said they watch rates closely, there is confusion about recent rate trends. Among those who claim to watch rates closely, 43% believe that rates are holding steady or falling, though rates have risen so far this summer.
The knowledge gap calls for advice and guidance from real estate professionals to help people make the best choices. Of survey respondents, 63% indicated that a good agent can help them make the right choices about the type of home and community they want. And having a trusted source of information and guidance is important to 64%.
“Our survey shows that Americans who are looking to find and purchase a home remain positive about their prospects, and they’re looking to the guidance of quality real estate agents to navigate the entire process,” said Stephen Phillips, chief operating officer for HSF Affiliates LLC. “Home buyers are more informed than ever with their Internet searches and ongoing research; however, there’s a critical need to transform that information into analysis and advice that helps consumers make the best home-buying and selling decisions.”
The full survey details are available upon request. An infographic illustrating survey findings can be seen above.
Prudential Real Estate Outlook Survey Methodology
Interviews with 2,600 Americans who are “in the market” to buy or sell a home were conducted online by Edelman Berland in June-July 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.
Sooner or later, little things around your home will start to go wrong.
Use this information to help you correct these common mishaps.
|Fix a leaky faucet
Usually due to a bad washer or cartridge in the handle. Turn off the water supply (under the sink), and cover the drain so no small parts go down it. Pop the cover on the handles, remove the screw, and the handle. Disassemble the stem next, using a wrench and lining up the parts in order so you will know how to put it back together. Remove and replace the damaged or cracked parts and reassemble the stem and handles.
|Open a seized dead bolt
Spray some WD-40 into the keyhole to lubricate the mechanism. Prevent it from seizing by spraying once a year with Teflon spray.
|Stop an overflowing toilet
The float inside the tank drops when the toilet is flushed and water from the tanks moves into the bowl. It then rises as the bowl and tank are re-filled. To prevent more spillage when the bowl is brimming over, lift the lid on the tank, grab the float and lift it to close the valve. While holding the float, turn off the toilet’s water supply. Now it’s clean up time!
|Pick an interior lock
Toddler locked in her bedroom? Look for a small hole on the knob or the plate around it. Take a slim piece of metal (screwdriver for eyeglasses, ice pick, metal skewer) and slip it into the hole to compress the spring inside. In some cases, you will need the flathead screwdriver to insert into a slot on the spring and turn it. Either way, you’ll disengage the lock and set your little one free!
|Use a fire extinguisher (remember PASS)
P – Pull the Pin
A – Aim nozzle at the base of flames
S – Squeeze the trigger
S – Sweep the spray from side to side
Work calmly but quickly!! (most extinguishers have 8 seconds of life) Call 911 and let the pros confirm that the fire is really out.
|Prune a sick hedge
Trimming a shrub from the top only will make it too bushy and will prevent the sun from reaching interior branches and roots. Pruning from the interior out will help bring it back to health. Pull back outer branches so you can reach the interior to clip away dead branches. Cut back tall shoots where they join the branch rather than snipping the end. Use this method to prune about 1/3 of the bush for 3 years and your bush will thrive!
|Unclog a sink
Skip the liquid drain cleaner and remove manually. Remove the stopper and block off any overflow holes. With water in the sink, use a flat-faced plunger to plunge the drain and remove clog. If it doesn’t move, use a wrench to remove the U-shaped trap under the sink and look for the clog there. If the clog is deeper, rent a hand-snake to reach it. Slowly feed the coil into the drain, when you get to the clog carefully, twist, pull and push the coil to dislodge the clog.
|Unstick a door
Excess humidity in summer can cause a wooden door to swell and stick. A gap of 1/8” to 3/16” between the door and jamb is recommended to accommodate seasonal changes. Note where the door sticks and use a bench plane to shave off the high spots. Round over any sharp edges with sandpaper and paint the exposed wood. Allow to dry completely before closing the door.
|Bypass garage door opener if your power is out
Pull the red cord that dangles from the ceiling-mounted operator to disengage the electric chain drive. Then you can slide the door open manually. Be careful, a full-size garage door can be very heavy!
|Remove the base of a broken lightbulb
Unplug the lamp or turn off the fixture. Cut a potato (russets are best) in half and gently press it onto the jagged glass. Turn slowly to remove the base.
Did you like this article? Then you may like our article on “Repair or Replace“
Looking for a fun way to dress up your outdoor living space? check out these great do-it-yourself projects using recycled wooden pallets.
It is no secret that wood pallets can be repurposed into impressive furniture and decor.It is amazing what people have created from these abundant, often discarded resources that can usually be found for free with little effort.
Pallet Sofa Materials: 4-5 Pallets, Plenty of workspace, good pair of gloves, Circular saw, 3×3 or 4×4 posts for frame, wood screws, sander for smooth finish, clear wood sealer, outdoor cushions/pillows, and some creativity!
Pallet Coffee Table Materials: Wooden pallet, sander for smooth finish, 4 wheels, paint or sealer to create a colorful, water-resistant finish. Don’t forget to personalize with a few flashy items to sit on top!!
Pallet Benches Materials: Several wooded pallets (depending on how many benches you want), tape measure, saw, sander, wood screws, paint or sealer to finish, and more creativity!! Keep in mind….if your benches are not against an outdoor wall you will need to be sure the backs are well supported!
Outdoor Lounger Materials: 2 Pallets, sander to smooth, 2-3 metal hinges, chains & hooks to secure adjustable back of lounger, paint or water sealer to protect wood, colorful, outdoor cushions, And of course a good book and icy, cold beverage to enjoy when you are finished!!
For detailed instructions and more do-it-yourself decorating ideas visit: http://goodideasforyou.com/ideas-a-inspirations/summer-a-gardening/patio-furniture.html
It’s Valentine’s Day, so here’s an Infographic that we found on RealEstate.com which takes a look at how romantic attachments influence home buying. The graph looks at the statistics for the married vs. single populations of U.S. cities. The U.S. demographics have changed, and for the first time more households are unmarried. Check out the full article here.
We take pride in our efforts to expand our online exposure to help people achieve their dreams of homeownership. These are some stats for our web traffic from January – June 2012 to PrudentialHomesale.com, our cutting-edge real estate website that helps home buyers and sellers through all aspects of the real estate transaction.
Home ownership can bring a high level of security and stability. However, it can also carry a certain amount of stress and worry. What if the furnace stops working? What if the dishwasher leaks? A home warranty can take away some of the “what if’s” and give you more peace of mind.
If you share these concerns, you may want to consider a home warranty. Some sellers offer this as an enticement to buyers, but as a buyer you have the option to purchase this on your own. Home warranties cover a wide variety of appliances and home systems and can save you a lot of money! They protect everything from kitchen appliances to air conditioning systems, cracked foundations, etc. You can choose from a variety of plans to cover your needs and fit your budget.
Which Home Warranty Company is right for you? Here at Prudential Homesale, we have narrowed the choice for you to three reputable Home Warranty Companies: American Home Shield, HSA Home Warranty, and HMS Home Warranty. Each company offers the convenience of a 24-hour service center and a range of coverage levels for every homeowner’s needs.
Make sure you do your homework before choosing a plan. Ask the right questions, such as which appliances and/or systems are covered, are there any additional fees, is there a hauling fee for old appliances?? Ask them now to prevent surprises in the future.
Once you decide on the level of coverage that suits your needs, solving an unexpected problem is simply a phone call away! Letting them do the work for you relieves you of the additional hassle of finding a qualified service provider in your area. Contact your home warranty company and they will handle it from there. They are available 24 hours a day, 7 days a week, 365 days a year…whenever trouble strikes!
Let a home warranty cover you with an extra “blanket”, so you can sleep at night!
Studying for your college courses? Focusing on athletics? Starting your new career? Even if you’re not quite ready to buy your first home, it is important to position yourself so when you decide to take the next step, you are completely ready.
1. Building good credit
Sign-up for a credit card but pay it off every month. If you’re renting, use your name for the lease, utilities, and other bills but make sure these bills are paid on time.
2. Saving for a down payment & closing costs
Open a savings account so you can start putting money aside and acquire more interest. In addition to a down payment, buyers also need cash for closing costs. There are loans that don’t require a down payment; however, most buyers choose to buy using cash upfront because more money down means a lower monthly mortgage payment.
3. Researching where you want to live
Learn more about your area’s cost of living, taxes, utilities, and other housing costs. Talk to a local Realtor and get an estimate on the monthly payment that fits your budget. This information will help you create a financial plan so you can determine what is affordable.