When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.
Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1.
Here are some key findings:
* When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their minds the day they walked into the house vs. 62 percent of men. On the other hand, significantly more men needed two or more visits (32 percent of men vs. 23 percent of women).
* 55 percent of women find it more important to be closer to their extended family than to their job, compared to only 37 percent of men.
* 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
* When the respondents were asked how they would use an extra 12x12 room if it could be anything they wanted, men and women agreed on the top three responses: Bedroom, office/study, and family room/den.
* 8 percent—nearly all of which were men—said they would use the extra space for recreation/entertainment.
* 70 percent of couples said the responsibility for making major financial decisions--such as homebuying--are shared equally.
Source: Coldwell Banker Real Estate (08/17/2009)
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Thursday, August 20, 2009
Tuesday, August 18, 2009
Daily Real Estate News
Practitioners' Lucky Numbers
Some practitioners are convinced that selling real estate is a numbers game.
Washington D.C.-area Long & Foster associate Juliet Zucker made multiple offers on a condominium on behalf of a client, but none of them were successful. Finally, she wrote an offer that ended in the number “18,” which in Hebrew symbolizes “chai,” which means life. The ploy was successful. Her client signed a contract for $384,118.
When Margaret Rome, a Baltimore-area practitioner, began selling homes 20 years ago, she drove a Porsche 944. In its honor, she ended the price on her first listing with 944. It sold within a week. Since then she has used the number for every property.
Glenn Kelman, CEO of Redfin, says there is truth in picking the right number. Redfin research shows that homes with a list price ending in “500” sell for more than properties whose price ends in three zeroes. They also spend slightly less time on the market.
Why is this? Nobody knows for sure. "You shouldn't sweat the weird stuff, because it will just drive you nuts,” Kelman says.
Source: Washington Post, Ylan Q. Mui (08/08/2009)
Saturday, August 8, 2009
Summer Real Estate Search: Where They're Looking
I'm working with four sets of buyers, all of them looking for condo homes north of the Chicago River and within eight blocks of Lake Michigan. Together, my buyers represent some interesting demographics.
These folks are looking at properties ranging from $300,000 to nearly $1,000,000. Two of these buyers are first-time buyers planning to take advantage of the first-time buyer's $8,000 tax credit. One of them is a couple looking for an investment property. And the fourth couple is looking for a property for their upcoming retirement years.
What does this suggest? Well, I think it says a few important things:
- Confidence in the Chicago real estate market is beginning to creep upwards, once again. Can I get an "amen"?
- Downtown Chicago is a very desirable area in which to live. Like we didn't already know that? :)
- Housing inventory is decreasing as the market improves and buyers close on their transactions. Now is the best time to find the best deals. Especially for first-time buyers using the $8,000 tax credit -- it's set to expire on November 30 of this year.
Are you interested in what's going on in your neighborhood? Drop me a line. I'll fill you in!
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