CENTURY 21 REAL ESTATE RELEASES NEW RESEARCH ON THE MINDSET OF TODAY'S HOMEBUYERS AND WHAT IS DRIVING THEIR DECISIONS

Rhea-AI Summary

Century 21 Real Estate , a subsidiary of Anywhere Real Estate Inc. (NYSE: HOUS), has released a new study on homebuyers' mindset and decision-making factors. The research, conducted by Ipsos, reveals that community and connection are central to the homebuying process. Key findings include:

- 56% of recent homebuyers report excitement in the process
- 65% feel a stronger connection to their community after moving
- 88% would compromise on dream home elements for a perfect community
- 92% value agents with insight into future community growth

The study also highlights that Hispanic Americans place a higher importance on community connection, with 89% feeling it's crucial. Century 21 Real Estate aims to use these insights to enhance client service and support its network of independent agents in their roles as community stewards.

Positive

• 56% of recent homebuyers report feeling excitement during the homebuying process
• 65% of recent homebuyers report a stronger connection to their community after moving
• 88% of homebuyers are willing to compromise on dream home elements for a perfect community
• 92% of homebuyers value real estate agents with insight into future community growth

Negative

• None.

Insights

Market Research Analyst

This research by Century 21 Real Estate provides valuable insights into current homebuyer trends, particularly emphasizing the importance of community in purchasing decisions. Key findings include:

• 88% of recent and intending homebuyers would compromise on their dream home for an ideal community
• 65% of recent homebuyers report stronger community connections after moving
• 92% value agents with insight into future community growth

These trends suggest a shift in homebuyer priorities, potentially impacting real estate marketing strategies and property valuations. The focus on community could drive demand for properties in well-established or up-and-coming neighborhoods, possibly affecting pricing dynamics in the housing market.

Real Estate Expert

The study's findings highlight a significant shift in homebuyer preferences, which could reshape the real estate landscape. The emphasis on community over individual property features may lead to:

• Increased demand for properties in areas with strong community amenities
• Higher valuations for homes in well-connected neighborhoods
• Growing importance of real estate agents as local area experts

This trend could benefit companies like Century 21 that prioritize local market knowledge. However, it may pose challenges for developers focusing solely on property features without considering community aspects. Real estate professionals should adapt their strategies to highlight community benefits alongside traditional property attributes to meet evolving buyer expectations.

Demographic Analyst

The study's focus on Hispanic Americans reveals important demographic trends in homebuying:

• 89% of Hispanic Americans prioritize community connection
• 39% report higher levels of pride during the homebuying process
• Strong emphasis on mutual community support and making positive impacts

These insights suggest that real estate companies targeting Hispanic buyers should emphasize community-building aspects of properties. This could influence marketing strategies, property development and agent training to better serve this growing demographic. The data also indicates a potential for increased civic engagement and entrepreneurship in areas with high Hispanic homeownership, which could have broader economic implications for local communities.

Global Real Estate Leader Uncovers How Recent and Intending Homebuyers are Putting Community at the Center of the Homebuying Process

MADISON, N.J. , Sept. 16, 2024 /PRNewswire/ -- Century 21 Real Estate LLC, a subsidiary of Anywhere Real Estate Inc. (NYSE: HOUS), unveiled today a commissioned study conducted by leading global market research organization Ipsos, exploring what today's homebuyers really want, how they feel, and the role community and connection plays in their purchase decisions. The study titled "Connection, Community & Joy: How Recent/Intending Homebuyers are Putting Community at the Center of the Homebuying Process" revealed that finding and building community is a key factor in homebuying and that despite recent uncertainty in the real estate market, recent homebuyers are predominantly feeling positive, with 56% reporting excitement, 47% joy, 44% hope, and 34% pride in the process of finding new homes.¹ 

They are also successfully finding fulfillment through community, with 65% of recent homebuyers reporting a stronger connection to their community after moving. ¹

In fact, the idea of community has pushed many homebuyers to broaden their concept of the 'dream house' to include living in a 'dream community' with 88% of all recent and intending homebuyers agreeing that they'd be willing to compromise on elements of their dream home for a community that is perfect for their household. ¹ They also seek to make an impact on their new communities with nearly one-third planning to participate via civic engagement or entrepreneurship. ¹  

This sentiment is something that Stephen Votino, Broker/CEO of CENTURY 21 Triangle Group, sees a great deal with his own clients, "Community means home. The walls around them and the roof over their heads give security, but how they live is wrapped up in the community that surrounds them. The people, activities, locations…where we live, work and play bring us connections and a sense of belonging."

While many Americans surveyed prioritize community connection, this notion is particularly true for Hispanic Americans, with 89% feeling it's important to have a connection to their local community. In a subset study focused on Hispanic respondents titled, "Pride, Prosperity & Participation: The Community-Focused American Dream for Hispanic Recent/Intending Homebuyers," Century 21 Real Estate found that compared to all other recent homebuyers, Hispanic Americans report slightly higher levels of pride during the homebuying process at 39%, as a new home signifies the ability to nurture their/their family's future within a community¹. It also noted that for this group, community looks like a mutually supportive agreement where they can make a positive impact and receive help in return.

As the most recognized name in real estate and the most respected in the industry², the CENTURY 21^® brand is committed to helping its network of independent agents provide the highest level of service and value to its clients, and this includes serving as community stewards for those towns and cities where buyers are looking to build their lives.

92% of recent/intending homebuyers say it's important their agent has insight into how the community will grow in the future. ¹

"In today's housing market, the role of the real estate agent is more critical than ever," said Michael Miedler, president and CEO, Century 21 Real Estate LLC. "It goes far beyond helping clients through the buying process but also having first-hand knowledge of the communities that homeowners are moving into to help them establish a connection and envision the life are looking to build for generations to come. Having these key insights into the minds of today's consumers allows the CENTURY 21 network to truly drive value for their clients and create an experience that will remain with them long after they hand over the keys to the house."  

To see the full study and learn more about the how the CENTURY 21 brand is elevating client service for homebuyers and sellers, please go to www.century21.com/real-estate-blog.  

¹Study Source: 2024 Homebuyer Insights Study. The survey results are based on a starting sample of a nationally representative group of n=6,020 U.S. adults ages 18-64. After screening, a total of n= 1,041 recent (purchased a new primary residence in the past two years) or intending (intend to purchase a primary residence in the next twelve months) homebuyers completed the survey (n=500 and n=541, respectively), with samples among Hispanic (n=270), Gen Z (n=279), and Millennial (n=390). The study was conducted by Ipsos, a leading global market research organization, from July 17th, 2024 to July 24th, 2024.  

²Study Source: 2023 Ad Tracking Study. The survey results are based on 1,200 online interviews with a national random sample of adults (ages 18+) who are equal decision makers in real estate transactions and active in the real estate market (bought or sold a home within the past two years or, plan to purchase or sell a home within the next two years). Recognition question based on consumer awareness of brand in question. Results are significant at a 90% confidence level, with a margin of error of +/-2.4%. The study was conducted by Kantar Group Limited, a leading global market research organization, from November 17- December 1, 2023.

About Century 21 Real Estate LLC
The approximately 132,000 independent sales professionals in approximately 11,000 offices spanning 79 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/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 Anywhere Real Estate Inc. (NYSE: HOUS), a global leader in real estate franchising and provider of real estate brokerage, relocation, and settlement services.

Legal Disclaimer

©2024 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.

MEDIA CONTACT:

Erin Siegel
Century 21 Real Estate LLC.
erin.siegel@century21.net
201.913.1432

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SOURCE Century 21 Real Estate LLC

FAQ

What are the key findings of Century 21's 2024 homebuyer study for HOUS?

The study reveals that community and connection are central to homebuying decisions. 56% of recent homebuyers report excitement, 65% feel a stronger community connection after moving, and 88% would compromise on dream home elements for a perfect community.

How do Hispanic American homebuyers differ in their preferences according to Century 21's research?

The study found that Hispanic Americans place higher importance on community connection, with 89% feeling it's important to have a connection to their local community. They also report slightly higher levels of pride (39%) during the homebuying process.

What percentage of homebuyers value real estate agents with community insight for HOUS?

According to the Century 21 study, 92% of recent and intending homebuyers say it's important their agent has insight into how the community will grow in the future.

How is Century 21 (HOUS) using the insights from their 2024 homebuyer study?

Century 21 is using these insights to enhance client service and support its network of independent agents in their roles as community stewards, helping buyers establish connections and envision their future in new communities.