MADISON, N.J., July 20, 2021 /PRNewswire/ -- Raised on a
consistent diet of DIY and designer lifestyle television, paired
with endless streams of Instagram-worthy home inspiration, today's
Renovation Generation of home sellers and buyers have varying wants
and expectations when selling and buying a home, and there is a
significant disconnect among them. Coldwell Banker Real
Estate LLC, a Realogy (NYSE: RLGY) brand, recently
commissioned a survey of over 2,000 U.S. adults, conducted by
The Harris Poll, exploring the difficulties of the home selling and
buying process as well as the challenges around home renovations
during those processes. The survey found that Americans of all
generations understand the power of making upgrades to their homes
to get more bang for their buck. In fact, 89% who have sold their
homes in the past three years reported that they made upgrades
before selling.
Challenges come into play around where to come up with the money
to renovate and where to focus those dollars. Of Americans that
have sold their homes in the past 3 years and made updates before
selling, nearly one-third (each) said the whole process was
stressful, they struggled to find the money to make updates to
their home before it was put on the market, and they had the money
to make updates before listing but struggled to understand the best
updates to make to get the most ROI.
The RealVitalize program, combined with the expertise of
Coldwell Banker affiliated agents, provides a powerful advantage
for sellers looking to sell their home faster and for a better
price. It also removes the stress of finding funding for projects
as money is paid back during closing. The program draws from a pool
of expert professionals from Angi, the nation's largest network of
pre-screened, homeowner-rated service professionals. Clients are
connected with top-rated local pros to ensure the job gets done
right.
Popular projects that home sellers have been enjoying include:
painting, curb appeal enhancements, cleaning, renovations, staging
and handyman services. Coldwell Banker agents have seen great
success for their clients with this program as homes sell both
faster and for a better price.
Unsurprisingly, moving into a freshly renovated home is
desirable for any aged buyer but one demographic stands apart. Over
one-third of Golden Millennial homeowners (aged 35-40) surveyed are
more likely to want to move to an upgraded home compared to other
generations, particularly Boomers. In true Renovation Generation
fashion, 91% of the same homeowners are making updates to their
home before selling. While the idea of updating before listing is
on track, without the expert guidance of a real estate professional
there is often a miss on where to focus dollars and efforts. 40% of
Golden Millennials respondents found that after making updates to
their homes, additional repairs were still needed after the
inspection.
Although the hot real estate market poses both incentives and
challenges for sellers, it's still a sellers' market with
one in five homeowners surveyed (21%) saying that they plan to sell
their current home in the next 12 months.
Coldwell Banker Agents + RealVitalize Take the "Ugh" Out of
Upgrading
- Finding the Money: Among those who sold a home in the
past 3 years, Gen Zers (aged 18-24) and Millennials (aged
25-40) were more likely to say they struggled to find the money to
make updates before putting their home on the market (34% and 31%)
compared to Gen Xers and Boomers (14% and 4%).
- Must-dos according to sellers: Just over one-third (34%)
of homeowners say updated interior or exterior paint would be
must-dos if they were looking to sell their home. Golden Millennial
homeowners are more likely than Young Millennial homeowners (age
25-34) and all other generations of homeowners (Gen Zers, Gen Xers,
Boomers) to say kitchen upgrades (46%), carpeting
cleaning/installation (40%), landscaping (44%), refinished wood
floors (41%), updated lighting fixtures (33%) and updated
HVAC/electrical/plumbing (37%) would be a must-do update.
- But what do buyers really want? Disconnect between
sellers' must-dos and the must-haves of potential homebuyers
exist. Despite a shared desire for kitchen upgrades (46% of
home owners and 45% of potential homebuyers) other features that
would be must-haves for Americans if they were looking to buy a
home include bathroom upgrades (44%) and updated HVAC, plumbing and
electrical (43%).
- Expert Help: Among home
buyers, Gen Zers (32%) and Millennials (28%) are
more likely than Gen Xers (18%) and Boomers (12%) to say the home
buying process is intimidating.
-
- Among Golden Millennials who sold a home in the last 3 years,
nearly half (47%) said having a network of home renovation
professionals who they felt confident could
help them improve their home value was an
important factor in choosing a real estate agent to sell their
home.
Moving Up and Moving Out
- About one quarter (24%) of respondents say they will be
looking to purchase a home within the next 12 months. Not
surprisingly, Gen Zers and Millennials are more likely
than Gen Xers and Boomers to say they will be
looking to buy a home within the next 12 months (41% and
40% vs. 23% and
9%, respectively).
- Sellers are using this opportunity to make their dreams a
reality: Top reasons for selling among those who sold a
home in the past 3 years or are planning to sell include wanting
more space (26%), wanting to upgrade a home (23%) and to be closer
to friends or family (20%).
- Young Luxe: Gen Zers (26%) and Millennials (26%)
are more likely than Gen Xers (14%) and Boomers (3%) to say they
are selling or planning to sell because they want(ed) amenities
(e.g. pool, big back yard, etc.).
- Older Homes = Not Trendy: Among those who sold a
home in the past 3 years or are planning to sell,
Gen Zers are more likely than Gen Xers and Boomers to
want a newly constructed home (33% vs. 16% and 9%).
What's Holding Them Back… and Pushing Them Forward
- Priced Out: Nearly a quarter (24%) of people in the
market for buying a home do not have money for a down
payment.
- Moving Stress: Beyond making updates, the actual process
of moving is stressful too. Among those who sold a home in the last
three years, over 3 in 5 (61%) say when getting their home ready
for sale it is stressful to move and store items. Partnering
with a participating Coldwell Banker affiliated agent is a game
changer for managing this unnecessary stress, because moving
expenses can be covered with RealVitalize.
- Real estate agents can help sellers better manage the
process. When it comes to choosing an agent, home sellers'
needs are diverse. Among those who sold their home in the last
three years, some of the important factors for choosing a real
estate agent to sell their home included:
- If their agent could help them decide which renovations to make
to help sell at or above listing price (28%)
- If their agent had a network of home renovation professionals
who they felt confident could improve the home value (27%)
- If their agent could educate them on how to get money to
renovate their current home, pre-listing (21%)
CLICK TO TWEET:
The renovation generation is moving! @ColdwellBanker's recent
survey found that 89% of recent U.S. home sellers made upgrades
before selling, but are they making the right renos? See the
findings and connect with a Coldwell Banker agent today to learn
more
QUOTE:
"One of the biggest challenges in today's market is increasing
the low level of inventory. Coldwell Banker is proud to offer the
RealVitalize program, a solution that helps sellers make the needed
repairs and upgrades on their home without having to find money to
do so. Our agents are ready to help sellers make the proper
renovations to achieve the best ROI on their home before listing it
on the market."
- M. Ryan Gorman, president and CEO, Coldwell Banker
Real Estate LLC
"I wasn't surprised to see that 89% of homeowners are making
renovations before they sell. However, in my experience, and this
survey backs that up, they often make the wrong updates like
choosing unpopular paint colors – all because they update before
speaking with a real estate agent. That's why I couldn't be more
thrilled with this fantastic program. I have used RealVitalize
successfully for the past year and have seen firsthand the stellar
results. In fact, I'm telling my clients that they can set the bar
for prices on their street through this program and with my
expertise."
- Rose Sklar, agent, Coldwell Banker
Realty
Survey Methodology
This survey was conducted online
within the United States by The
Harris Poll on behalf of Coldwell Banker between June 22-24, 2021, among 2,037 adults ages 18+,
among whom 1335 are homeowners and 432 sold a home in the past 3
years. This online survey is not based on a probability sample and
therefore no estimate of theoretical sampling error can be
-calculated. For complete survey methodology, including weighting
variables and subgroup sample sizes, please contact Deanna Gorecki at
dgorecki@gscommunications.com.
About Coldwell Banker Real Estate LLC
Powered by its
network of over 96,000 affiliated sales professionals in
approximately 2,900 offices across 40 countries and territories,
the Coldwell Banker® organization is a leading
provider of full-service residential and commercial real estate
brokerage services. The Coldwell Banker brand prides itself on its
history of expertise, honesty and an empowering culture of
excellence since its beginnings in 1906. Coldwell Banker Real
Estate is committed to providing its network of sales professionals
with the tools and insights needed to excel in today's marketplace
and is known for its bold leadership and dedication to driving the
industry forward. The brand was named among the 2021 Women's Choice
Award® Most Recommended brands for customer
experience and overall quality. Blue is bold and the integrity and
values of Coldwell Banker give the Gen Blue network an unbeatable
edge. Coldwell Banker Real Estate LLC fully supports the principles
of the Fair Housing Act and the Equal Opportunity Act. Each office
is independently owned and operated. To join Coldwell Banker Real
Estate and unlock the possibilities of Gen Blue®, please
visit www.coldwellbanker.com/join.
About Realogy Holdings Corp.
Realogy (NYSE: RLGY) is
moving the real estate industry to what's next. As the leading and
most integrated provider of U.S. residential real estate services
encompassing franchise, brokerage, relocation, and title and
settlement businesses as well as a mortgage joint venture,
Realogy supported approximately 1.4 million home
transactions in 2020. The company's diverse brand portfolio
includes some of the most recognized names in real estate: Better
Homes and Gardens® Real Estate, CENTURY 21®, Coldwell
Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®,
and Sotheby's International Realty®. Using innovative technology,
data and marketing products, high-quality lead generation
programs, and best-in-class learning and support services, Realogy
fuels the productivity of its approximately
191,700 independent sales agents in the U.S. and more than
135,000 independent sales agents in 117 other countries and
territories, helping them build stronger businesses and best
serve today's consumers. Recognized for ten consecutive years as
one of the World's Most Ethical Companies, Realogy has also been
designated a Great Place to Work three years in a row and is one
of LinkedIn's 2021 Top Companies in the U.S.
About
RealVitalize®
RealVitalize provides home
sellers with home improvement resources prior to or during the home
listing period with no up-front costs or interest charges. Realogy
partnered with Angi, which offers the nation's largest network of
pre-screened, homeowner-rated home service professionals. The
RealVitalize program is offered nationally across the United States, but is not available in all
states and available only at participating offices. Results not
guaranteed.
Media
Inquiries:
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Athena
Snow
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Kristen
Carmen
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Coldwell Banker
Real Estate LLC
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G&S for
Coldwell Banker Real Estate LLC
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973.407.5590
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973.580.3518
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Athena.Snow@coldwellbanker.com
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KCarmen@gscommunications.com
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SOURCE Coldwell Banker Real Estate LLC