Respondents in Berkshire Hathaway HomeServices’ first Homeowner Sentiment Survey said home value transcends price and location in the new age of real estate. Today’s homeowners and prospective buyers define value in broader terms of personal confidence in their housing investment and how a property meets their family needs now and in the future. Respondents want a turnkey home but will renovate to enhance long-term value. Millennials voice enthusiasm about housing and seem willing to sink roots. As housing markets across America continue their steady recovery and with home equity rising for many, homeowners have increasing options.
• 89% of current homeowners expressed satisfaction with their home and current living situation.
• One-third of homeowners said they’ve considered selling their home in the near future. Those selling want homes that better fit their changing lifestyles and life events, among other reasons. Home-value perception varies through the lenses of different age groups, with Millennials “thinking in the now” about real estate.
• Boomers and Gen Xers embrace homeownership first as a “smart, long-term investment.
• By contrast, Millennials place top priority on the “ease of a purchase decision” including the ability to close quickly on a property, secure financing and afford monthly payments.
• Of homeownership’s benefits, Millennials said they want a house they’re proud to show family and friends; they value a community with great schools; and a location encouraging healthier lifestyles.
• They also want a lively neighborhood: 61% of Millennials said it’s important to live in a neighborhood with a variety of trendy dining and retail options, more so that Gen Xers (48%) and Boomers (39%).
Prospective homebuyers said their real estate sales professionals make a difference.
• Nearly half of prospective homeowners said they faced challenges in the real estate process.
• 93% of prospective buyers who hired agents said the professionals are providing them with helpful service in finding a home.
• Respondents said agents’ most valuable qualities start with negotiating and being available for advice and questions. With an eye on enhancing long-term value …
• 88% of current homeowners said it is important to update or renovate their home over time.
• 75% of homeowners have renovated their home.
• More than 60% of homeowners favored “green” improvements even before kitchen, bath and flooring projects.
• Millennials are most enthusiastic about renovating to create long-term value: 61% want a home they can upgrade to their preferences. Overall, homeowners and prospective buyers believe housing has turned the corner.
• 94% said homeownership is important to their long-term financial planning.
• With interest rates still near historic lows and the economy and jobs growing, respondents said today is a more ideal time to buy a home than a year ago.
• Respondents, aware of tight housing inventory around the country, expect more competition for good homes.