INFOGRAPHIC – Confidence in the Market Jumps Sharply

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 Q2 2013 Consumer Outlook Survey Infographic

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.”

-more-

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.

INFOGRAPHIC – Confidence in the Market Jumps Sharply

Q1 Consumer Outlook Survey (Infographic)

Consumer confidence in real estate and home prices reaches a year-long high. Buyers and sellers are motivated entering the spring buying season.

q1-info-graphic2013

Want more information on today’s real estate market? Contact a Prudential Homesale Real Estate Agent today.

Q1 Consumer Outlook Survey (Infographic)

Real Estate Resolutions…

new-yearHave you made your New Year’s Resolution? Most folks want to improve themselves and find ways to make their day-to-day personal or work life better. Real estate resolutions are right up there with weight-loss, a dream vacation, to stop smoking, etc. But there is much more to a real estate resolution than deciding to buy or sell a home. If a real estate resolution is on your list, be sure you have considered these “micro-resolutions” as well.

BUYERS:

  • Find a Real Estate Agent Now – Engaging a Realtor early in the process will allow you to get to know each other and determine your goals. REALTORS® will advise you and make valuable recommendations, such as reputable lenders, problem areas during a showing, questions to ask the home inspector, etc.
  • Save Down Payment Money – Today, there are numerous loan options available to homebuyers, with different down payment criteria. Consider meeting with a lender to discuss these options in advance and determine how much you should start putting aside.
  • Pay-Off / Clean-up your Debt – This is a top goal for most folks today, even if not considering a real estate purchase. Again, you should consider meeting with a professional for guidance on this task. They can help you identify your credit issues and come up with a plan to correct them before you are ready to buy. Keep in mind, it could take as much as six months to clean up your credit.
  • Boost your Credit Score – Along those same lines as above, you should pull your own credit report (annualcreditreport.com) to see where you stand versus where you should be. Review for any discrepancies or errors and take care of them as soon as possible.
  • Start Early – Going to open houses is an easy way to see what is on the real estate market. But, you should begin doing your homework even before this step. Familiarize yourself with the current housing market, understand home values, and determine the home prices by neighborhood. Going to open houses is a good second step and a great way to meet your future real estate agent

SELLERS:

  • Find a Real Estate Agent Now – A Realtor doesn’t just show and sell homes, they can be a valuable adviser on issues that arise before settlement. Your agent can help you get your home ready to sell, decide on the best asking price, market your home effectively, and negotiate on your behalf; their knowledge will save you time and money. Ask family, friends, or neighbors, for a good recommendation.
  • Think of your Home as a Product – Buyers will compare your home and your list price to other competing properties. A home that is priced correctly and shows well, will sell the fastest. Your Realtor can help you determine the best listing price for your home, while you work on getting it in the best shape to show! A home that shows well is clean, clutter-free and as up-to-date as possible. Your Realtor can also help you determine which home “projects” will be the most practical and bring you the best return on your investment.
  • Plan your Strategy and Timing – Uprooting from a home is not easy. One of the big stresses can be planning to sell your home at the same time you try to buy another. There are lots of things to consider in this situation; must you sell before you buy? Will you be able to sell at a price that will give you enough return? It’s a lot to think about and plan for; it helps to have a strategy in place well before you take action. A knowledgeable real estate agent in Maryland or Pennsylvania can help you establish your plan.
  • Save Down Payment Money – See above, the same holds true for sellers who will also be purchasing a home
  • Pay-Off / Clean-up your Debt – See above, the same holds true for sellers who will also be purchasing a home

- – – – -

Give each of your resolutions some thought and proper planning now
to help insure that you stick with them during the upcoming year and see them through to the end.

We wish you much happiness and success in 2013.

Real Estate Resolutions…

Overcome Your Fears of Buying A Home

Do you have doubts and concerns about buying a home? 
Listen to the podcast below about Overcoming Fear and
learn how to take advantage of today’s market!

 
Overcoming Fear

 

 

 

 

For more information visit www.PrudentialHomesale.com

Overcome Your Fears of Buying A Home

A Nation’s Strong Belief in Homeownership

Brought to us by Keeping Current Matters:

A Nation’s Strong Belief in Homeownership

One More Reason to Consider Prudential Homesale


Partnering with Platinum Group Services has provided us with the expertise necessary to guide you through a smooth and stress-free real estate transaction.

One More Reason to Consider Prudential Homesale