MADISON, N.J., Sept. 20,
2021 /PRNewswire/ -- What does "home" mean to you? For many of
us, the answer to that question changed dramatically over the past
year and a half as we moved forward through our new COVID reality.
As part of its 50th anniversary celebration as a global
real estate leader and innovator, the CENTURY 21® Brand
– named the #1 Fastest Growing Franchise in Entrepreneur
magazine's March 2021 issue –
explores this concept in a unique collaboration with National
Geographic CreativeWorks culminating in the production of its
first-ever branded documentary. Titled "Home Rediscovered," the
documentary premieres on the National Geographic Network on
September 23, 2021, at 10 pm EST.
To support the film, the CENTURY 21® Brand
commissioned a global research study with magnetic collective, an
insights-driven brand consultancy, to explore how the past year
transformed the modern home and what these changes might mean for
the future of homeownership and the real estate industry. The study
was conducted using both quantitative analysis and qualitative
interviews with real estate agents, builders, recent buyers, and
future buyers across five key global markets including the United States, France, Australia, Spain and Japan. With more offices around the world than
any other real estate franchise, it was important to Century 21
Real Estate to look at the data through a global lens. The
survey was based on the responses of 1500 people (300 in each
market), from the ages of 25 to 64 from April to May 2021. The "Rediscovering Home" documentary
weaves in findings from the study as well as examines several
housing trends that emerged during the pandemic which are expected
to shape our vision of home for the foreseeable future.
Key takeaways from the global data included:
- There has not been one universal pandemic experience as
countries have followed their own COVID timelines with varying
peaks and restrictions, creating a home buying process that varies
geographically.
-
- The US, Spain, and
France were all once epicenters
and went through some of the longest lockdown and restriction
periods
-
- 58% of buyers in France say
that COVID will have a lasting impact on what they want in their
homes; 43% of buyers in Spain say
COVID has been most influential when it comes to their desire to
buy a new home
- COVID's influence on aspects of the home buying process in the
US is most evident for those with kids and those working from
home
- Australia and Japan initially saw more of a slowdown instead
of a lockdown, but COVID's more recent emergence in Japan leaves 48% of future buyers saying it
has been a factor in their desire to buy a new home
- 22% of those surveyed globally say they moved because someone
from the family moved in leading to a universal need for
flexibility and reimagining of spaces
-
- in Australia, children are now
more likely to stay at home during college years, until they find a
job with a steady income
- in Spain and Japan, children are staying at home until age
30 or marriage
- The pandemic forced people to stay close to home, but even
when looking to move, they aren't going far.
-
- Across all markets, most of the people surveyed reported moving
within 20 miles or kilometers of their current home; longer
distance moves (50+ miles or kilometers) are more common in the US
and France than in other
markets
- 20% of US and France buyers
moved 50+ miles or kilometers away, compared to Spain and Japan buyers less than 15% moved that far
- Low inventory and increasing prices continue to be the hot
topics in the U.S. and across markets.
-
- Low home inventory in the top five challenges people are facing
in all markets surveyed; all markets experienced challenges finding
homes to fit their needs.
- In the U.S., according to the National Association of Realtors,
the public inventory numbers from May to June increased 3.3% and
the internal inventory numbers are also similarly trending up
leading to some early optimism that we are seeing green shoots of
increased supply
- France has seen a 'banlieu'
(suburbs) boom with suburb property prices soaring, a trend only
more accentuated as a result of the pandemic
- While Australia has fared
better than other well-developed countries due to snap lockdowns,
internal border controls and tough social distancing measures,
residential property values have been on a steady increase for the
past year
- Urban flight is happening around the world, but there are
indications that it may not be a lasting trend.
-
- Future buyers in all countries surveyed are more likely to stay
in urban areas by a large margin (compared to recent buyers)
- In the US, 82% of future buyers will stay in urban areas. In
Japan, that number is 80%; 59% in
France, 73% in Spain and 62% in Australia
"It's no secret that the last 18 months have been a wild ride
for the real estate industry," said Michael
Miedler, president and CEO, Century 21 Real Estate LLC.
"What was once a seasonal business that had expected outcomes from
month to month was completely upended by work from home, schooling
at home, and postponed life events. We were thrilled to work
alongside magnetic collective and National Geographic CreativeWorks
to take a deep dive into how these lifestyle changes were going to
impact the consumers' view of home and subsequently the future of
our industry. Regardless of what challenges and changes lie ahead,
we were excited to see that buyers surveyed in all markets see the
benefits of having an active and engaged real estate professional,
like our C21® affiliated agents, taking on multiple roles and being
a partner throughout the journey. All of these learnings will help
to ensure that we are continuing to deliver the most extraordinary
experiences possible for all of our clients around the globe."
"Home Rediscovered" is a 45-minute film hosted by National
Geographic Explorers Andrés Ruzo and Dr. Rae Wynn-Grant. They met with a diverse group of
families and individuals who have uprooted their lives, bought
homes, moved, or simply re-thought the way they want to live – now
and in the future as they explored what the future of home will
look like around the world.
To learn more about the CENTURY 21 Brand and National Geographic
CreativeWorks collaboration as well as view the exclusive trailer
for the "Home Rediscovered" documentary, please visit
Nationalgeographic.com/future-of-home/.
Press assets can be downloaded using the following link:
https://wdrv.it/8412e4ccc
About Century 21 Real Estate LLC
The approximately
155,000 independent sales professionals in approximately 14,250
offices spanning 86 countries and territories in the CENTURY
21® System live their mission every day: to defy
mediocrity and deliver extraordinary experiences. By consistently
chasing excellence, giving 121% and always elevating, the CENTURY
21 Brand is helping its affiliated brokers and agents to be the
first choice for real estate consumers and industry professionals
worldwide. Century 21 Real Estate has numerous websites to help
answer specific consumer needs.
They
are century21.com, century21.com/global, century21.com/commercial,
century21.com/finehomes and century21.com/espanol.
Century 21 Real Estate LLC is a subsidiary of Realogy Holdings
Corp. (NYSE: RLGY), a global leader in real estate franchising and
provider of real estate brokerage, relocation and settlement
services.
©2021 Century 21 Real Estate LLC. All Rights Reserved. CENTURY
21®, the CENTURY 21 Logo and C21® are
registered service marks owned by Century 21 Real Estate LLC.
Century 21 Real Estate LLC fully supports the principles of the
Fair Housing Act and the Equal Opportunity Act. Each office is
independently owned and operated.
PR Contacts:
CENTURY 21 Real Estate LLC
Erin Siegel, Senior Director, Public Relations
& Executive Communications
erin.siegel@century21.com
201.913.1432
The Martin Agency
Fenton
Crowther, Cultural Impact Specialist
Fenton.crowther@martinagency.com
804.305.6366
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SOURCE Century 21 Real Estate LLC