Home Owner Satisfaction Remains High

Daily Real Estate News | Monday, January 23, 2012

Nearly three out of every four home owners say they are satisfied with their purchase – and the No. 1 reason for their satisfaction is pride they feel about owning a home, according to HomeGain’s 2012 National Home Ownership Survey.
In addition to pride, home owners also said they enjoy the freedom and control they have to make improvement and upgrades to their home.
Of the 1,400 home owners surveyed nationwide, satisfaction was found to be highest in the Northeast at 77 percent, followed by the Southeast at 73 percent, the West at 71 percent, and the Midwest at 68 percent.
“The HomeGain 2012 National Home Ownership satisfaction survey shows in spite of declines in the values of homes nationwide, satisfaction among home owners remains high at 72 percent,” said Louis Cammarosano, general manager of HomeGain.
Of the 28 percent of surveyed home owners who indicated they are dissatisfied, price depreciation was cited as the primary cause. Other reasons for their discontent include property taxes, homeowner association fees, and maintenance and repairs.
Noteworthy survey statistics:
  • Home owners who paid less than $75,000 for their home were the most satisfied at 77 percent.
  • Home owners who paid more than $800,000 were least satisfied at 69 percent.
  • Buyers who purchased a home via short sale had the highest satisfaction rate at 83 percent, followed by foreclosed home buyers at 79 percent.
  • New-home buyers had a satisfaction rate of 73 percent, and existing-home buyers had a satisfaction rate of 71 percent.
  • Home owners ages 55-65 were the most satisfied at 76 percent. Home owners between 18 and 25 had the lowest satisfaction rate at 45 percent.
By Erica Christoffer, REALTOR® Magazine

Home Owners Still Love Their Houses

Despite declining home prices, 90 percent of Americans don’t regret buying their current home, according to a survey for Bankrate.com.

Among the 9 percent who do regret the purchase, most say they are unhappy that they can’t sell their home and move elsewhere or they can’t afford their monthly mortgage.

Some 79 percent of those polled say they have a fixed-rate mortgage on their homes. Among those making over $75,000 per year, 90 percent say they have a fixed rate mortgage.

Source: Bankrate.com (07/12/2010)

Single Buyers Choosing Suburbia Over Cities

Some 52 percent of single home buyers in April chose suburban locations over urban and rural areas, according to a survey by Coldwell Banker of 1,000 single buyers.

· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.

· Some 55 percent have less than a 30-minute commute to their office or work from home.

· Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.

· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.

· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.

Source: Coldwell Banker Real Estate (06/18/2010)

Good Housing News Predicted

All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.

Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:

  • Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
  • Sales of existing homes likely rose to a two-year high.
  • Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
  • Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
  • The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.

Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Source: Bloomberg, Courtney Schlisserman (10/18/2009)

Survey: Households Say Now Good Time to Buy

More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.

Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).

“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”

Among the survey’s other key findings:

  • Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.

  • When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent)
  • Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.
  • Most respondents (86 percent) are in the market for single family homes.

Source: Century 21

Home Fads That Are Falling Out of Style

By Melissa Dittmann Tracey  styledstagedsold

LAS VEGAS – Some home features don’t stay popular forever. More homes are inching away from incorporating the following home features, according to recent consumer preference surveys.

1. Fireplaces: The fireplace skyrocketed in importance in homes in 1991 with 62 percent of new homes having one or more. But the number has steadily been decreasing ever since. In 2007, the number dropped to 51 percent.

2. Carpet: While 54 percent of homes still have carpet floors, the number is decreasing and hardwood floors are taking the place. Vinyl and ceramic tile flooring also are being bypassed more by buyers. Seventeen percent of new homes contain hardwood floors throughout the entire house.

3. Living room: These once-decorative centerpieces of homes are slowly vanishing from newer homes. Thirty-four percent of consumers say they’re willing to buy a home without a living room.

4. Desks in the kitchen: These desks were once looked at as great storage areas but they’re often too small and quickly become clutter spaces in a home, said Gayle Butler, editor in chief of Better Homes and Gardens. Instead, more consumers say they prefer larger desks in or near the family room—equipped with a messaging center—where they can keep an eye on their kids as they work on the computer.

5. Skylights: The little windows that allow natural light to seep into a home from above are falling out of style. Only 10 percent of new homes will include them this year, a continuing downward spiral for skylights.

6. Upscale kitchen finishes: Granite countertops are slowly becoming less desirable among buyers who are now moving toward affordable, low-maintenance laminate countertops—which tend to last longer and now come in various styles.

What trends are you noticing are falling out of favor with your buyers?

Living in a Historic community and having 4 fireplaces which I LOVE- I do not agree with this one 🙂 – you just can not beat my heat sucking beauties!   I’m also not a fan of Granite- I have butcher block… I think next I would want concrete buffed..

Survey: The World’s Next Great Cities

Cities that were not so long ago little more than big fishing villages are rising to global commercial prominence.

Using the MasterCard Worldwide Emerging Markets Index, which ranks 65 cities in 30 markets on the basis of business environment, economic growth, and financial services environment, Forbes magazine chose the world’s next great cities.

Turbulence in world markets is affecting some of them, but others are mostly escaping these issues.

“Many of these emerging economies have not been as financialized as those in established countries,” said Saskia Sassen, a professor on Columbia University’s Committee on Global Thought.

Here are the top 10 emerging cities:

  1. Shanghai, China
  2. Beijing, China
  3. Budapest Hungary
  4. Kuala Lumpur, Malaysia
  5. Santiago, Chile
  6. Guangzhou, China
  7. Mexico City, Mexico
  8. Warsaw, Poland
  9. Bangkok Thailand
  10. Shenzhen, China

Source: Forbes, Matt Woolsey