Real Estate

Prudential Real Estate Q4 Consumer Outlook Survey

February 19, 2014 at 11:50 AM

Prudential Real Estate, an HSF Affiliates LLC company, and Prudential New Jersey Properties today released results of its fourth quarter Consumer Outlook Survey indicating that consumers’ perception of residential real estate is increasingly favorable, and that consumers are more committed to buying and selling homes in 2014 than they were during the previous year.

In fact, favorability toward real estate reached 78% among all respondents, a 5-point jump from the previous quarter and 15 points higher than at year-end 2012. Millennials’ perception of real estate is most favorable, peaking at 87%. Respondents’ growing optimism yields resolve, as 76% of likely transactors and 63% of all survey participants indicated they were more committed to buying/selling homes in 2014.

“Consumers understand that the U.S. economy and residential real estate continue moving in positive directions,” said Earl Lee, CEO of HSF Affiliates LLC. “Accordingly, they’re feeling much better about their personal situations and want to take advantage of attractive home prices in many markets and interest rates that remain low by historical standards.”

Sign Up for E-News

Respondents acknowledged that macro-economic events of 2013, such as government sequestration and rising interest rates, impacted their personal finance decisions. However, they look to the new year with anticipation: A full 65% are optimistic about the housing market in 2014 and a nearly 60% believe home sales will increase during the year. Half of all respondents believe that the rate of appreciation in U.S. home values will slow this year after a strong run in 2013.

“Normalcy is returning to residential real estate,” said Lee. “People are seeking homes for all the right reasons – to gain shelter and security, raise a family and generate long-term wealth.”

While financial concerns certainly play a role in the decision to buy or sell, homeownership remains a deeply personal decision. Owning a home is important to 96% of Americans, and 78% agree that homeownership is an important part of the American dream. When asked about their experience buying and selling in today’s economy, 72% of respondents said that finding the right home and community are crucial to their family’s happiness.

In this day and age of internet marketing many buyers have their initial introduction to properties online.  A good agent will guide and advise the buyer as to factors that are not apparent online such as location, overall condition, price competiveness and many other factors.

 

Caution remains in the marketplace. “Decreasing home values” is the No. 1 concern of respondents, followed by “saving enough for a down payment.” Underscoring the stringent lending guidelines that are still in place from the industry downturn, just 39% of respondents believe it will be easier to secure a mortgage loan in 2014. Consumers also acknowledged that tight housing inventory may impact their home-buying decisions this year: 67% expect to face more competition for homes on the market.

These and other hurdles call for advice and guidance from real estate professionals. A full 64% of survey respondents indicated that a good agent can help them make the right choices about the type of home and community they want; 62% said a good agent can help maximize homeownership investment. Among millennials, 70% said a good agent can help them maximize their investment and 62% say now, more than ever, they look to a real estate agent for sound guidance on a real estate transaction.

“Consumers are increasingly sophisticated about real estate and many come to the table armed with impressive research,” said Stephen Phillips, COO of HSF Affiliates. “However, they will always need an experienced agent to pull it all together, assess opportunities, negotiate in good faith and keep everything moving for a successful transaction.”

The full survey details are available upon request. An infographic illustrating survey findings is available here.

 

Prudential Real Estate Outlook Survey Methodology

Interviews with 2,500 Americans who are “in the market” to buy or sell a home were conducted online by Edelman Berland in December 2013 and January 2014. Respondents are aged 25-64 with a household income of at least $50,000. The margin of error is +/-1.96% for all respondents.

About Prudential New Jersey Properties

Based in Somerset, Prudential New Jersey Properties offers resale, new homes, fine homes and resort and commercial properties as well as relocation, mortgage, title and insurance services. With 19 offices and more than 600 sales associates serving 11 counties -- Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Somerset, Sussex, Union and Warren – Prudential New Jersey Properties is the state's largest Prudential Real Estate Affiliate and the second largest independently-owned residential real estate company. For more information, visit http://www.PrudentialNewJersey.com or contact the home office in Somerset at 800-LIVE-IN-NJ (800-548-3466).

About Prudential Real Estate and HSF Affiliates LLC

Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Berkshire Hathaway HomeServices and Real Living Real Estate. Most Prudential Real Estate franchisees are independently owned and operated. Visit www.prudentialrealestate.com for details.

HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities and are used under license with no other affiliation with Prudential.

###

TAP Into Another Town's News:

TAP Into Another Town's News:

Sign Up for E-News

New Providence

ReNew Salon and Spa Focuses on Men's Style and Health

November 28, 2016

As winter approaches, ReNew Salon and Spa is promoting hair care and men's health. 

The "look" for men has evolved and changed drastically during 2016 and carefully groomed and fashion-forward looks are the style today. At ReNew, we are changing our approach to men's style and health and promoting styling products like AG Hair's Stucco and ...

Beckerman’s Theory of Everything

Any armchair theoretical physicist knows that Stephen Hawking has pursued a lifelong quest to come up with a Theory of Everything. This all-encompassing theory would tie together general relativity (large scale and high mass galaxies, stars, etc), quantum theory (quantum mechanics, quarks, atoms, subatomic particles), and Newtonian physics (gravity on small bodies, gas laws, electromagnetism) to ...

Upcoming Events

Carousel_image_96fe69a843c33a88747d_dab3f69e0779f6f216b2_merry_fitness

Wed, December 7, 5:00 AM

Summit YMCA, Summit

Merry Fitness – A Program To Get You Through The ...

Health & Wellness

Carousel_image_6435a3c7c84d3883aa2e_animal_shelter

Wed, December 7, 5:00 AM

Summit YMCA, Summit

Give Back & Help a Local Animal Shelter

Giving Back

Carousel_image_7b4ac10bfb421f5091c7_vinyasaclass

Wed, December 7, 7:00 AM

Providence! Integrated Health and Fitness, New Providence

Vinyasa Flow

Health & Wellness

Carousel_image_bcc9b1264918f275bd98_xtend-barre_stick

Wed, December 7, 8:00 AM

Providence! Integrated Health and Fitness, New Providence

Xtend Barre- stick

Health & Wellness

Carousel_image_f368805171cdbb9e59f9__mg_0849c_jpg-_yoga_strap_abs

Wed, December 7, 9:30 AM

Providence! Integrated Health and Fitness, New Providence

Xtend Barre

Health & Wellness

Carousel_image_a4801a3d56342db1596a_pilates_reformer

Wed, December 7, 10:30 AM

Providence! Integrated Health and Fitness, New Providence

Pilates Reformer Class with Kathy

Health & Wellness

Berkeley Heights PAL Runners Win Team 11-12 Boys USATF Regional Championships

December 6, 2016

On November 20th, hundreds of runners lined up for the Junior Olympics Cross Country Regional Championships in Greystone Park in in Morris Plains, New Jersey. It was blustery cold, winds were upwards of 30-40 miles per hour and the grounds where covered with sleet.

The 11-12 3000 meter Boys WolfPack runners of Patrick McGrath, Chris Marinko, Nick Yarad, Jackson Levine, and Aidan Linde were ...

Norris McLaughlin & Marcus Welcomes Chief Operating Officer 

BRIDGEWATER, NJ –  The Bridgewater-based law firm Norris McLaughlin & Marcus, P.A., is pleased to welcome Richard J. Levy as its Chief Operating Officer. Levy brings decades of management experience, most recently as the CEO of Myelin Health. 

“On behalf of Norris McLaughlin & Marcus, we are pleased to welcome Rich to our management team as our ...

Speaker Ryan Signs Lance Bill

WASHINGTON, D.C. --- Congressman Leonard Lance (NJ-07), Vice Chair of the Commerce, Manufacturing and Trade Subcommittee, today joined U.S. House Speaker Paul Ryan as he signed off on Lance’s  Consumer Review Fairness Act.  Lance’s consumer protection legislation passed both the House and U.S. Senate and now heads to President Obama.  The legislation will allow ...

Holiday Promotion!

<!-- react-text: 35 -->Give the gift of GOLF this holiday season! A modest deposit will activate a 2017 Golf Membership and, as our gift to you, we will apply up to a $1,000.00 sign-on credit bonus and include a package of guest passes for your family and friends to enjoy! Call 908-766-8200 ext. 2 TODAY!

Auditions for Summit Playhouse Production of 'Defiance' Set for Dec. 6-7

SUMMIT, NJ - The Summit Playhouse will stage John Patrick Shanley's 'Defiance' beginning in late February of 2017, and is now hosting auditions for the production on December 6 - 7, beginning at 7:30 p.m. each evening, at the Summit Playhouse located at 10 New England Avenue. Callbacks will be held December 12. Sides will be provided for all actors at the ...

Holiday Specials for Personal Training

Stay active this winter and get in shape for the spring!  Whether you are looking for a meaningful gift or a way to get healthy, the Summit Area YMCA has a variety of options that will be sure to help you and your family reach your goals this winter season! Take advantage of our holiday personal training specials available at both the Summit YMCA and Berkeley Heights YMCA to get healthy and ...

Chris Brown Named President at Berkshire Hathaway HomeServices New Jersey Properties

Berkshire Hathaway HomeServices New Jersey Properties is proud to announce the appointment of Chris Brown to President of the 21-office real estate brokerage headquartered in Somerset, New Jersey. Previously serving as Executive Vice President and General Sales Manager, Brown is a member of the company’s ownership team along with Bill Keleher, Seymour and Nancy Litwin, and Steve Janett.

Shannon's six week transformation story

Shannon just finished her 6 Week Transformation, here were her results: 

Dropped 2 Pant sizes
Energy Level went from a 2 to a 9
Confidence level from a 5 to a 9

She was very happy and satisfied with these results, but the best result was taking her focus off the scale! For years Shannon only measured her success for her health by weight loss.

When we sat down in the ...

Getting a Handle on Thanksgiving

This year, on our National Day of Thanks, I would like to express my gratitude for having hands.

We typically don’t thank our body parts because they seldom leave us.  Most of us have not experienced unfortunate accidents or suffered the horrible consequences of war; tragic events  which might cause us to lose a limb.  

Most of us take our fingers and hands and elbows ...

‘A Child’s Christmas in Wales' Captures Old-Fashioned Nostalgia at Shakespeare Theatre

MADISON, NJ – It’s clear the Welsh love to sing as the evening moves on with relatives gathering for Christmas dinner at the Thomas home in Wales.

The play opens with three children and then a chorus singing “In the bleak midwinter, frosty wind made moan,” a melancholy tune that conjures visions of Swansea, a village in Wales,  with “fallen snow on ...