Data is truly our most valuable asset, and gaining insight into consumer sentiment is more important now than ever in our industry.
Now Coldwell Banker has released its findings Latest consumer survey, we can gather ideas from potential home buyers and sellers. The findings reveal hidden corners of the market, reveal insights that challenge conventional wisdom, and provide a roadmap for real estate professionals to effectively navigate the market.
Here are five key points to guide you in 2024:
1. Consumers prioritize affordability over location
While “location, location, location” has long been ringing advice from sales professionals to consumers, our survey found that 56% of respondents cited price as the most important consideration when choosing a home, while location (50%) is higher than the position. This priority is particularly pronounced among women, with 60% prioritizing price compared to 48% of men.
While you should continue to advise clients on the best locations to suit their goals, keep in mind that other factors such as budget may be more important in the final decision now than they were in the past.
2. Looking for new scenery
Homeowners who plan to sell their home in the future are considering relocating, with a total of 66% saying they plan to move to a different city, state or country.They will be able to compare their next destination using our mobile meter tool that allows consumers to compare features such as cost of living and quality of living by location.
With this in mind, real estate professionals shouldn’t forget about their feeder markets for potential leads, and they should also network with other agents in those markets. Being part of a global network like Coldwell Banker’s – 100,000 agents in more than 2,600 offices in 40 countries – certainly helps with lead generation and referrals.
3. Keep up with the competition: the impact of social media
In an age where social media plays an increasingly important role in shaping consumer behavior, it’s critical for real estate professionals to realize its influence—and it may be more powerful than you think.
Nearly 43% of consumers said their home buying decisions were influenced or highly influenced by social media.This number is even higher luxury goods consumer from the survey73% said the same.
This shows that platforms such as this play an important role Instagram and Facebook play a role in shaping consumer desires and highlight A strong social media presence and strategy is required.
4. There is no one-size-fits-all dream home
When we asked consumers the following questions, we expected a general consensus.
- How big is your dream home?
- What is your dream home design style?
- Where is your dream home located?
However, beyond home size (49% said their dream home would be “mid-sized,” with three to four bedrooms and two to three bathrooms), we found that across generations, regions and other demographics, no One size fits all house. – All formulas.
While nearly a third of consumers said they preferred homes in the South, a quarter preferred homes in the Northeast. Likewise, the data shows that design style preferences are fairly evenly distributed, with one generation standing out the most: the youngest group surveyed (18-24) are least likely to favor “ranch” (8%), while those 55 and older is the group least likely to favor “pasture”. Most likely (21%).
A large portion (16%) of respondents indicated no specific style preference, emphasizing the individuality inherent in home design choices. These findings highlight the need for flexibility and customization to meet varying preferences within the market.
5. Don’t underestimate your important role
As the real estate market takes shape in 2024, the expertise and knowledge of real estate professionals will continue to become increasingly important. With a deep understanding of market sentiment, ideal housing preferences, financial dynamics and social media influence, real estate professionals can more effectively guide clients and help them discover the home they really want.
Coldwell Banker: A committed partner on the journey
With a deep understanding of market trends and a commitment to serving the diverse needs of our clients, Coldwell Banker remains at the forefront of real estate, providing unparalleled insights and unwavering support to industry professionals dedicated to real estate.
To learn more about the consumer survey results, visit Coldwell Banker Blue Matter Blog.
