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According to Edelman Berland's survey, American consumers' perception of the residential real estate market is as follows:
BELIEF in the HOUSING MARKET
There is a strong belief among this population segment that the housing market is on the right track and is committing almost 7 out of 10 to buy or sell a home this year. Millennials' belief in real estate is higher than that of the overall population.
- 77% of consumers (and 85% of Millennials) have a favorable view of housing
- 79% of people (and 83% of Millennials) believe the housing market is on the right track
- 69% of consumers said they are committed to buying or selling a home now
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
CHALLENGES
The extreme weather faced by much of the U.S. delayed many real estate transactions. That pent-up demand is now being released, causing price appreciation in many country regions. This rise in prices and the expected increase in interest rates are causing many purchasers to buy sooner rather than later.
- The main reason (45%) people waited to make a real estate transaction is they were waiting for spring weather to arrive
- 76% of consumers believe that pent-up demand will create even more competition for existing homes
- 74% of consumers are most concerned about higher-than-expected prices when buying a home this spring
- 83% of consumers are motivated to act sooner rather than later because they fear interest rates will increase
- 80% of real estate consumers are more committed to buying
- 78% of potential buyers said purchasing a home this spring will be more accessible since "homeowners want to sell."
- 72% are encouraged because "the economy is improving."
- 46% of buyers said spring was a more favourable time to buy a home
- 28% of buyers said summer was a better time to buy a home (an 8% increase over last summer)
- 83% of real estate consumers are more committed to selling
- 63% of sellers are buoyed this spring by the improving economy and their perception that buyers are motivated following the brutal winter
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Other interesting findings from the survey (broken down by buyers and sellers):
Buyers
Sellers
Bottom Line
The real estate market will continue to gain ground through the summer as more and more people realize this is a great time to move. Most (88%) surveyed admitted that hiring a real estate professional is essential to their home-buying or selling success.