MADISON, N.J. (March 9, 2022) – Despite the current seller’s market, nearly half of American homeowners (46%) are unsure of the current value of their home. This is according to the latest Coldwell Banker survey, which launches today alongside a refreshed ColdwellBanker.com and the newest “Dream” ad campaign. Part of the brand’s 2022 Seller Strategy, this campaign will give potential home sellers the tools and help they need to navigate today’s market – and to dream big.
The Dream ad campaign airs March 15 during March Madness and features an unveiling of ColdwellBanker.com and three new Coldwell Banker products: CB Estimate℠, Move Meter℠ and the Seller’s Assurance Program. Paired with the brand’s 100,000 world-class agents, these products help ensure that Coldwell Banker Real Estate is delivering something for every step of the seller journey, from inspiration to action.
Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) company, commissioned the survey conducted online by The Harris Poll among 2,000+ US adults to understand the ways Americans assess their real estate dreams and what support they value during the selling process. Findings include:
Opportunities for home sellers are ripe as the COVID-19 pandemic has made younger generations more likely to think about pursuing their dreams, and for some this includes home ownership.
Over a quarter of Americans (29%) who experienced the pandemic – especially Gen Zers and Millennials – are more likely to think about pursuing their dreams.
- Pursuit of happiness: 39% of Gen Zers (age 18-25) and 41% of Millennials (age 26-41) say they are much or somewhat more likely to think about pursuing their dreams (e.g., making a housing move, pursuing a passion project, making a career change, expanding family) after experiencing the COVID-19 pandemic.
- Location, Location, Lifestyle: When it comes to home, more than 4 in 5 Americans (87%) say it is important to them that the location of their home (rural, suburban or urban) aligns with their lifestyle.
- Dreaming about everywhere: Not all Americans agree on what the ideal dream home looks like. Top dream home locations include:
- In a location with warm weather (33%)
- In the suburbs with ample space (28%)
- Remote and off the beaten path with a large plot of land (25%)
Americans need help selling and finding their dream home.
According to this survey, nearly half (46%) of American homeowners say they are unsure of the current value of their home. That number increases to 52% among Gen Z homeowners and 54% among Millennial homeowners. With the new CB Estimate℠ tool, Coldwell Banker is making it easier to find out what a home is worth with a free and instant online estimate. Sellers can browse at their own pace, without having to fill out a form or provide data.
What’s more, sellers still have the upper hand as two thirds (67%) of Americans have not yet found their dream home. That proportion is even higher among Gen Z (72%) and Millennials (75%).
Many Americans use home price estimate calculator tools as a first step for selling a 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 to sell their home if they were looking to sell, and younger Americans are more likely to take this as a first step versus using a real estate agent. The new CB Estimate℠ and Move Meter℠ tools will help kickstart the process of a home evaluation. From there, Coldwell Banker affiliated agents are ready to take a sale to the next level – by getting the most for a customer’s current home and bringing them one step closer to finding that dream home. In fact, Coldwell Banker affiliated agents have achieved a 20.7% higher U.S. sales price than the National Association of Realtors® average.
- Online shopping: If they were looking to sell a home, more Gen Z (ages 18-25) and Millennials (ages 26-41) would go to a real estate website with a home price estimate calculator tool as their first step to sell their home (44% and 43%) versus contacting a real estate agent directly (30% and 35%).
But when it comes to selling a home, agents are still key.
Proving just how valuable a human approach is to the selling process, 60% of Americans would trust a licensed real estate agent to accurately estimate the value of a home more than an online valuation tool. That’s why Coldwell Banker’s Estimate tool is designed to be paired with one of our star agents, who can verify a home’s true value.
- License to sell: Nearly half (45%) of Americans say if they were going to sell a home, contacting a licensed real estate agent directly would be their first step.
The “Great Resignation” continues to impact home.
Compared to a fall Coldwell Banker survey, people are increasingly willing to take a pay cut or accept a new job with a lower salary if it meant moving to a more affordable location. Thanks to the “Great Resignation,” the movement of people leaving the workforce during the pandemic, Americans feel empowered to make these moves. In fact, housing affordability and cost of living are factors that are important to an overwhelming majority of Americans when considering a move to a new location.
- Employed Americans are increasingly willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location: The percentage of those willing rose from 41% in October 2021 to 46% in February 2022. A significant increase (21% change) was seen among employed males aged 18-34 (53% to 64%).
- Getting out of town: Of American homeowners who plan to sell their home in the future, 44% plan to move to a different city or state. That proportion increases to 58% among Gen Z and 54% among Millennial homeowners who plan to sell.
Americans aren’t moving on a whim, though. They value data that help them gain a fuller understanding of a new real estate market.
- Researching the right way: When considering a move to a new location, Americans say the following factors are at least somewhat important to them:
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- Quality of Life (lifestyle and/or environmental elements): 94%
- Housing affordability: 93%
- Cost of living affordability: 93%
- Job market strength: 70%
With these desires in mind, Coldwell Banker Real Estate created the Move Meter℠ – a proprietary tool built to help people dream differently by comparing various data points to evaluate a move from one place to another, including: housing affordability, quality of life, job market strength and living affordability.
When one is ready to sell, the Seller’s Assurance Program, developed to make home selling easier and more rewarding than ever, articulates the seller benefits available through working with a Coldwell Banker affiliated agent to sell or list a home. The Seller’s Assurance Program is intended to spotlight the tailored offerings each Coldwell Banker affiliated agent provides their clients. The Program may include services like 360° spotlight marketing to ensure a listing gets maximum exposure; buyer connections through tools like the brand’s proprietary CBx Buyer Locater or Exclusive Look; staging or renovation services through products like RealVitalize®; moving support including discounts or other services; affinity services like title, mortgage, or insurance offerings; membership benefit programs like AARP® Real Estate Benefits from Realogy or Military Rewards programs; competitive cash offer products like RealSure®; luxury property marketing through Coldwell Banker Global Luxury® for qualifying listings; or, even charitable giving programs like the CB Support St. Jude program where an agent can donate a portion of the proceeds of a sale to St. Jude Children’s Hospital. Check with a local Coldwell Banker affiliated agent to see which unique seller offerings are available in each market.
Visit coldwellbanker.com to see the new look and feel of the Coldwell Banker website and explore the CB Estimate℠, Move Meter℠ and Seller’s Assurance Program to see the current worth of your home, find an agent and prepare for your next move to your dream home.
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QUOTES:
“The stakes are high in today’s housing market. And Coldwell Banker is committed to being there for home sellers when they’re ready to list, from our top executives to each and every local agent. We’ve been guiding consumers home since 1906, innovating each year to give them the tools, knowledge and advice to successfully sell. We’re here for them in 2022 with an all new website and online tools to make sellers feel better prepared and confident when matching with a Coldwell Banker agent who will make their dream homes a reality.”
- Ryan Gorman, CEO of Coldwell Banker Real Estate LLC
“With today’s lack of inventory, how do we inspire homeowners to consider listing their home for sale? That’s where the Coldwell Banker 2022 Seller Strategy comes in, and along with it the Dream campaign, survey and refreshed ColdwellBanker.com. We’ve given our website a new and refreshed look that is complete with intuitive tools designed to make finding the estimated value of your current home seamless. With more Americans willing to take a pay cut to move to a more affordable location, we saw a need for tools that let them dream differently.”
- David Marine, CMO of Coldwell Banker Real Estate LLC
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.
About Coldwell Banker Real Estate LLC
Powered by its network of over 100,000 affiliated sales professionals in approximately 2,200 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 2022 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 Holdings Corp. (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 1.5 million home transactions in 2021. 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 196,700 independent sales agents in the U.S. and approximately 136,700 independent sales agents in 118 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 four years in a row and is one of LinkedIn’s 2021 Top Companies in the U.S. and honored on the Forbes list of World’s Best Employers 2021.
