Ready to Buy? 72% of Home Buyers and Sellers Say ‘Yes’

RISMEDIA, June 24, 2008-While the nation’s experts ponder positives, negatives and neutrals about the states 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, 72% of respondents said that it’s a good time to buy a home in the Greater Philadelphia Market, while only three percent feel it’s a good time to sell. Ninety-five percent of respondents felt Greater Philadelphia real estate was about even or better than the national market.

Online tools and news sources are becoming increasing popular in the real estate business with nearly 90% of first-time home buyers searching for homes online and 62% of all respondents relying on online news websites for information about the state of the real estate market.

“This summer will be important months to gauge where the real estate market is headed,” said Steve Storti, senior vice president of marketing for Prudential Fox & Roach, Realtors. “Clearly, Greater Philadelphia is in much better shape than so many other markets reported in the national media. I am heartened to learn so many local homebuyers and sellers agree and haven’t been discouraged.”

First-time Home Buyers

With current market conditions perfect for buyers throughout the Greater Philadelphia region, Prudential Fox & Roach engaged first-time home buyers. Nearly 69% of first-time home buyers decided to purchase a home because they are tired of renting, while the other 31% cited “great market conditions” in the region. The biggest challenges first-time homebuyers reported were “balancing what they could afford versus what they wanted” followed close behind by “finding enough quality houses in their price range.”

Other first-time home buyer findings include:

- 83% of first-time home buyers are under the age of 40, with 39% younger than 30.
- 42% of respondents expect to own their first home between one and five years.
- First-time home buyers ranked “neighborhood upkeep” among the most important aesthetic qualities of a home.
- 44% said the size of the home was the most important feature they look for in a house. Other important features first-time homebuyers look for include a wooded lot and proximity to work.
- In terms of the most important things first time buyers look for in an hour, “Proximity to place of work” and “availability of public transportation” received the most votes next to size of homes and number of bedrooms

“With gas prices on the rise, public transportation and distance to the workplace will become more and more important. Also, markets with affordable property taxes and low traffic commutes also stand to benefit,” said Storti.

Additional findings – 2007 vs. 2008

Additional findings of survey results indicated 24% of respondents are currently looking to sell their current home – down from last year’s survey when 50% replied the same way. Almost 35% of respondents plan to sell in more than 120 days compared to 21% last year, while 12% of respondents in 2007 were looking to sell in 90 to 120 days compared to 17% this year.

As for reasons for moving, nearly 43% of respondents have outgrown their current home and almost 30% have had a change in life situation. Last year, 26% stated both “outgrown current home” and “change in life situation.” Similar to last year’s 70 percent, this year 72 percent of sellers think “it’s a good time to buy.”

“More buyers are kicking the tires, while sellers are pacing. However, it’s important to notes that interest rates are still historically low. So, a home in good shape and priced right will sell,” said Storti.

Prudential Fox & Roach invited approximately 39,801 Home Pilot subscribers to respond to the survey. Home Pilot is the online home search tool featured on Prudential Fox & Roach’s website. Conducted online between May 29, 2008 and June 12, 2008, the survey received 2,015 completed and another 125 partially completed surveys.

For more information, visit www.HomExpertReport.com and www.prufoxroach.com.

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