The Results Are In

Homeowner surveys are great because it helps to narrow the gap between the reality of the real estate market and consumers' perceptions.

Surveys help us to see exactly what we as real estate professionals can do to make our business better and easier for our clients. At the end of the day a smooth transaction is a happy customer, and we strive for happy clients.


Setting the stage: Real estate consumers remain optimistic about housing and its long-term prospects yet are hesitant to list their homes in a market largely favoring sellers...

The survey digs deeper into WHY that is and today we give you the Cliff Notes.


Cliff Notes of the Sentiment Survey

U.S. real estate has moved forward since the "Great Recession" though its recovery has been tempered by various market conditions.
  • Strict underwriting guidelines continue to stem the flow of consumers to real estate while home builders have not kept pace with the growing demand and household formation.
  • Much of the glut of homes generated in the downturn - "Shadow Inventory" was gobbled up by investors who now rent the properties. 
SURVEY FINDINGS:

  • Yet among contemplators – those who are considering selling their homes buy have not yet listed -- 73% point to home prices that have not recovered to pre-recession levels.
  • And 61% of contemplators say uneasiness about the U.S. economy has kept them on the sidelines to this point.
23% of current homeowners are considering selling their home but have yet to act (Shameless Plug - CALL US 619-995-2132, we can help with a plan)
  • 74% of current homeowners believe that a challenge facing the market today are home values that are still lower than their pre-recession peak.
  • 57% of prospective homeowners agree that they feel that the housing market has not fully recovered from the recession.
  • 82% and 80% of prospective and current homeowners, respectively, agree that credit scores impacted by the recession that make it difficult to get a loan is the top challenge affecting the real estate market.
  • 76% of current homeowners believe that stricter lending requirements will make it more difficult to get a mortgage.
Contemplators need more information about their markets, pricing and home conditions in order to feel confident in listing their homes.

Top Concerns Facing Consumers Today

Respondents say credit score impairment caused during the downturn, stringent lending guidelines and the competitive landscape for homes - in particular, first-time buyers inability to compete with all-cash, equity-flush and foreign buyers.
  • Among current homeowners, 68% said underwater mortgages conditions remain a hurdle.
  • Less than half of all respondents identified low inventory as a market challenge and only a small minority - 12% of prospective homeowners and 6% of current homeowners - described housing inventory as "decreasing."
OPPORTUNITY EXISTS for buyers as mortgage rates remain near historic lows. And, as more homes come on the market, balance will return to U.S. real estate. 

This is a classic case of supply and demand: The low inventory in many markets creates a strong opportunity for those contemplating selling their home!


You can request the complete survey by {CLICKING HERE}

Team SchuCo is always available to sit down with you and go over what a home selling strategy would look like for you and your family. We can tailor it to fit your needs and offer the education of "HOW" to get your home sold to meet your goals. Contact us today.


SOURCE:
Interviews with 2,557 respondents were conducted online by Edelman Berland in July 2015. The respondents captured were either current homeowners (individuals who currently own a home as a primary residence) or prospective homeowners (individuals who are looking to buy a home within the next six months).

As your full service REALTOR® specializing in the beautiful city of San Diego, California, it is my personal goal to provide you with exceptional service. Here is where you will find articles on my personal experiences and Real Estate resources. My local expertise backed by one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the Real Estate market a definitive mark of stability, strength, quality and innovation.
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