Luxury Consumer Survey
“OVERALL, 59% OF ALL WEALTHY CONSUMERS INDICATE THAT NAME RECOGNITION OF A FIRM IS IMPORTANT WHEN CHOOSING A REAL ESTATE AGENT.”
AS THE U.S. REAL ESTATE MARKET continues gaining strength this year, how do affluent consumers view their real estate investments now and in the future? A survey conducted by Coldwell Banker Previews International® and the Luxury® Institute LLC finds that most affluent consumers today have confidence in the long-term stability of U.S.real estate.
Growing Optimism
One-third of those surveyed indicate that they are considering the purchase of a residential property in the next 12 months. On average, those who are in the market for a residential property also expect that their home purchase will increase in value by about 14% in the next five years. Lower interest rates, location-based moves and the investment potential of real estate are the main motivations for consumers who plan to buy a home in the next year.
Experience Matters
When selecting a real estate agent, those surveyed who are at higher household income levels place importance on real estate agents with luxury housing market credentials and access to special marketing programs. Overall, 59% of all wealthy consumers and 61% of ultra wealthy consumers indicate that name recognition of a firm is important during the real estate agent selection process.
