RISMEDIA, June 28, 2007–While the nation’s experts ponder positives, negatives and neutrals about the state of the real estate market, Prudential Fox & Roach, Realtors wanted to hear what Greater Philadelphia home buyers and sellers thought about the real estate market during June’s National Homeownership Month.
Among the findings of the survey results, about half of respondents were actively looking to buy or sell a home. Of those looking, 39% planned to move more than 25 miles from their current location.
As for reasons for moving, 39% of all respondents said either job relocation or moving closer to work. Twenty-six percent replied the reason was a change in life situation such as retirement. Eight percent said taxes and about six percent said attractive mortgage rates. Eighty-seven percent said they would not consider moving to Center City.
In general, 70% of respondents believe it’s a good time to buy a home, while nearly eight percent think it’s a good time to sell.
Other findings include:
- Nearly 67% planned to sell their home with 90 days, while 21% are planning further out to more than four months.
- Approximately 53% of respondents believed the kitchen is the most important room in the house, following 22% stating the family room is the most important.
- Only 35% visit open houses and 53% prefer driving through neighborhoods on their own to supplement online searches/research. Also, more than half of respondents research real estate for only a month before contacting a Realtor.
- Almost 21% of respondents purchased their last home within the past two years.
- Almost 98% of respondents were not in the market for a vacation home.
Prudential Fox & Roach invited approximately 1,200 recent Home Pilot subscribers to respond to the survey. Home Pilot is the online search tool featured on Prudential Fox & Roach’s Web site. Conducted online between June 6, 2007 and June 13, 2007, the survey received 158 completed and another 15 partially completed surveys.
The complete results will be posted to the company Web site – www.prufoxroach.com.
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