Although the current seller’s market forecasts a bright future for home sellers, many homeowners are in the dark about how much their home is worth, with almost half (46%) reporting that they are unsure of the current value of their home. This is according to the latest Coldwell Banker survey, conducted online by The Harris Poll among 2,000+ US adults, to understand the ways Americans view their real estate dreams and what support they value during the selling process.
The findings suggest that there is a strong need for seller resources to assist homeowners in the home selling process. Giving consumers a greater understanding of their selling options will empower them to sell for most money possible and know how much purchasing power they have for their dream property. Through the new Coldwell Banker Seller Strategy, the brand is tackling this task head on, taking the opportunity to uncork the housing market and inspire homeowners to dream of the possibilities of home.
As part of this Seller Strategy, Coldwell Banker is airing its Dream ad campaign during the NCAA Men’s College Basketball Tournament and on digital streaming platforms starting March 15. It airs during the PGA Golf Championship in mid-May. The campaign asks, “If you could live anywhere, where would it be? And what would it be like?”
The ad drives awareness of the new seller experience on ColdwellBanker.com. The revamped Coldwell Banker website includes a redesigned homepage complete with tools to help home sellers kickstart their move to their next dream home – including the CB Estimate℠, Move Meter℠ and the Seller’s Assurance Program suite of benefits provided to consumers by Coldwell Banker Real Estate.
A new generation of dream chasers
The past two years have not stopped young Americans from dreaming, the survey found. After experiencing the COVID-19 pandemic, 39% of Gen Zers (age 18-25) and 41% of Millennials (age 26-41) reported that they are much or somewhat more likely to consider pursuing their dreams, which can include making a housing move, pursuing a passion project, making a career change or expanding family.
Sweet dreams are made of this, but not all Americans agree
The survey also found that many Americans have specific expectations for the location of their dream home: More than 4 in 5 Americans (87%) indicated that the location of their home must align with their lifestyle (i.e., living in a rural, urban, or suburban area).
Here are some of the top dream home locations:
- 33% of Americans prefer a home in a location with warm weather
- 28% prefer a home in the suburbs with ample space
- 25% prefer a remote and off the beaten path with a large plot of land.
Americans need guidance on selling and purchasing homes
When it comes to selling their home, more than a third of Americans (35%) would go to a real estate website with a home price estimate calculator tool as their first step. The new CB Estimate℠ and Move Meter℠ tools will help check those boxes for sellers. From there, sellers can easily connect with their local Coldwell Banker affiliated agents.
The Great Resignation’s impact on home
Employed Americans will not let their job hold them back from living in their dream location. The survey found that Americans have become even more willing to accept a job with a lower wage if it meant relocating to a more affordable location. In fact, between October 2021 and February 2022, the percentage of those willing increased from 41% to 46%.
Hitting the road
For homeowners who plan to sell their home in the future, 44% have plans to move to a different city or state. This number increases to 58% among Gen Z and 54% among Millennial homeowners.
With these big plans in mind, Americans are looking for information that can help them better understand what to expect when moving to a new location. An overwhelming majority agree that the following factors are at least somewhat important to them when making a move.
- Quality of Life (lifestyle and/or environmental elements): 94%
- Housing affordability: 93%
- Cost of living affordability: 93%
- Job market strength: 70%
Coldwell Banker’s Move Meter℠ is designed with this in mind – it’s a first-of-its-kind tool that lets consumers compare one location to the other to determine whether it’s potentially the right move for them. Move Meter℠ highlights data regarding Housing Affordability, Quality of Life, Job Market Strength and Living Affordability of each location to help them learn more about how a move would stack up to where they currently live.
Helping dreams come true
Opportunities abound for home sellers, with findings showing that two thirds (67%) of Americans have not yet found their dream home. This number is even higher among Gen Z (72%) and Millennials (75%).
As the seller’s market continues and Americans show an increased interest in finding their dream home, there is a strong need for potential sellers to have the resources needed to make informed decisions.
Visit the refreshed ColdwellBanker.com to get your home estimate today and make your dream home a reality with a local Coldwell Banker agent.
Survey Methodology
These surveys were conducted online within the United States by The Harris Poll on behalf of Coldwell Banker. The February survey was conducted from February 3-7, 2022, among 2,012 U.S. adults ages 18 and older, among whom 1,309 are homeowners. The October survey was conducted from October 21 – 25, 2021 among 2,027 adults ages 18 and older, among whom 1,307 are homeowners. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodologies, including weighting variables and subgroup sample sizes, please contact dgorecki@gscommunications.com.
