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Luxury Homeowners Believe their House is the Best on the Block

MADISON, N.J. (Sept. 10, 2013) –Today’s luxury homeowners and buyers are savvier and more confident than ever. They know what they want and have the resources and capabilities to get it, allowing them to transform luxury living spaces into ultra-comfortable, high-tech homes. Gone are the days when overwhelming amounts of square footage equate to a dream home. The affluent consumer now seeks multiple homes to fit their lifestyle needs and extra amenities, with an affinity for high-tech features.

Better Homes and Gardens® Real Estate today released national survey findings from 500 luxury homebuyers revealing the value these consumers see in homeownership. Findings indicate that 75 percent of luxury homebuyers believe homeownership is a more sound investment than the stock market and 57 percent of employed luxury homeowners believe homeownership is a bigger indicator of success than their job or title.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “The luxury homebuyer has high standards and invests the money, the time and the commitment to making their home fit their needs and reflect who they are. It’s remarkable that they do this so well that nearly all – 93 percent – believe their house is the best one on their block.”

In recent years the real estate industry has seen how technology has made not only the luxury consumer, but all consumers more informed than ever. Survey findings show that technology is evolving the role of the real estate agent, but certainly not discounting the personalized connection they provide. Ninety-six percent of luxury homebuyers today are leaning on their real estate agent for more acute information than ever before. They are looking for insight into neighborhood lifestyle (65%), advanced new listing notices (64%), advice on housing trends (55%), and support on a personal level throughout the buying process (53%).

“These findings tell us that the luxury consumer understands the importance of the human element in delivering the ultimate customer experience,” said Chris. “Our brand was built on the notion that the business of real estate goes beyond the transaction, and we are committed to being trusted advisors to all of our consumers before, during and after the home-buying process.”

 

Additional key findings from the Better Homes and Gardens Real Estate survey include:

Multiple Properties and Lifestyles: As the real estate market comes roaring back, a new vote of confidence is apparent among luxury buyers. Investing in more than one home has become a trend in today’s luxury market. A majority of luxury homeowners surveyed (53%) prefer owning multiple “lifestyle” homes to support activities like skiing or theater going. In fact, more than half (58%) of luxury homebuyers already own multiple homes to support their lifestyle activities.

Fabulous Lifestyles Meet Fabulous Amenities: Bigger isn’t necessarily better – or more luxurious. In fact, 60 percent of luxury homebuyers surveyed would rather have as many upgrades as they can afford in their home, rather than more square footage. Similarly, nearly all (94%) luxury homebuyers surveyed would be willing to give up 1,000 square feet of living space from their next home in order to get a lifestyle amenity they desire, such as; living in a better neighborhood (54%), living in a house with “character” (51%), more land (44%), access to dining and entertainment (39%), and a shorter commute (38%).

Wired for Luxury: When it comes to their dream home, a majority (66%) of luxury homebuyers surveyed said a “smart” home is more important to them than a “green” home.  When house hunting, 87 percent of luxury homebuyers surveyed would not consider living in a home that isn’t tech-friendly.

But not all “must-haves” are high-tech related.  Three of the top five luxury home “essentials” are outdoor oriented including a garden oasis (53%), outdoor fireplace or fire pit (50%) and a separate guest house outside of the main home (47%).

“As we look at these survey results in comparison to our next generation consumer research, it’s interesting that while in different financial positions, young and luxury consumers have a lot in common when it comes to their homeownership desires,” added Chris. “Next generation and luxury buyers greatly value homeownership, and while both seek out smart homes, position lifestyle amenities over square footage and aspire to own a home with unique character, luxury homebuyers are more easily making that dream a reality.”

To view Better Homes and Gardens® Real Estate luxury properties, visit bhgrecollection.com.

 

About the Survey
The Better Homes and Gardens Real Estate Luxury Homes Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 500 luxury homebuyers, between May 20 and June 4, 2013, using an email invitation and an online survey.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Better Homes and Gardens Real Estate LLC
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. The growing Better Homes and Gardens Real Estate network includes approximately 8,300 sales associates and approximately 250 offices serving homebuyers and sellers in Canada and across the U.S.: Alabama, Arizona, California, Florida, Georgia, Idaho, Indiana, Kentucky, Kansas, Pennsylvania, Maine, Massachusetts, Minnesota, Missouri, New Hampshire, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, South Carolina, Texas, Vermont, Virginia and Washington.
Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated. For more information, please visitwww.BHGRealEstate.com.

Media Contacts:
Elliot Schimel
Kwittken & Company
(646) 747-0142
eschimel@kwitco.com

Katelyn Castellano
Better Homes and Gardens Real Estate LLC
(973) 407-6849
katelyn.castellano@bhgrealestate.com

 

Better Homes And Gardens Real Estate Survey Reveals That Ethnic Groups In America Hold High Hopes For Next Generation Of Homeowners

Americans Have Similar Desires, but Differ in Consideration of Family Ties When Home Buying

MADISON, N.J. (June 4, 2013) – As a melting pot, America is shaped by the beliefs, customs and cultures of its diverse population. To that end, do individuals from different backgrounds hold the same vision and attitude when it comes to setting forth and achieving the American Dream of homeownership? Better Homes and Gardens® Real Estate set out to find the answer to that question, and today, released national survey findings from the three largest population groups within the U.S., with an equal distribution among 400 Caucasians, 400 African Americans and 400 Hispanic Americans ages 18 and older. The Better Homes and Gardens Real Estate survey results indicate that Americans from these three ethnic groups are far more alike than different when it comes to many perceptions and behaviors surrounding the home buying process. However, when it comes to considering family ties and origins when buying a home, there are key differences among these ethnicities.

“America has a proud heritage of diversity, and the notion that our client base will continue to change and evolve should be apparent to everyone in the real estate industry,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “It’s important that we understand all that we can about our consumers to best serve them and that includes understanding them not only from an cultural standpoint, but with regard for their individual values, aspirations and needs.”

Key findings from the Better Homes and Gardens Real Estate survey include:

We’ve Got High Hopes: All groups surveyed are optimistic about the next generation of homeowners, and furthermore, a majority believe their children or future children will have a home of their own before the age they did (Hispanic 78%; African American 74%; Caucasian 56%) and homeowners believe that their children’s homes will be the same size or bigger than theirs (Hispanic 90%; African American 83%; Caucasian 73%). Each group surveyed views homeownership as an overarching lifelong goal. In fact, homeownership is considered to be the biggest indicator of status by all groups: African Americans (78%), Hispanics (78%) and Caucasians (65%).

Each of the groups surveyed believe that a home is not simply an indicator of success; it is a long-term investment and a wise one at that. More than any other group, Hispanics are planning ahead for homeownership and prioritizing this dream over retirement. More than half of the Hispanics (52%) surveyed, who do not currently own their own home, say they are focused on saving for a down payment as compared to 46 percent of African Americans and 44 percent of Caucasians who do not own their own home.

“The White Picket Fence” Prevails: Of course, cities have their unique allure, but when it comes down to determining where to live for the long haul, the majority of individuals from every ethnicity surveyed lean largely toward the suburbs. Research indicates that suburban homes are very much in demand among today’s house hunters.  Among those surveyed, 59 percent of African Americans, 55 percent of Caucasians and 50 percent of Hispanic Americans would select the suburbs as the preferred location for their ideal home.

Love Thy Neighbor(hood): When asked to choose between living in their dream home in a neighborhood they are not fond of, or residing in their dream locale in a home they don’t love, each of the three groups was split almost equally down the middle. A slight majority of respondents (56% Caucasian; 50% African American; 50% Hispanic) said they would rather live in the neighborhood of their dreams, even if they are not head over heels for their house.

Home Is Where You Started: Many homeowners want to live close to where they grew up when purchasing their dream house. But, how close is “close?” For a majority of Hispanics (56%) and African Americans (53%), this means staying within the same state one grew up in. Caucasians (56%), however, prefer to remain in the same broad region of the country where they grew up. In fact, 1 in 3 Hispanics prefer that their ideal home is located within the town they grew up in, while only 20 percent of Caucasians share the same sentiment.

We’re Going to Need a Bigger House: While it’s apparent that living near family is important, there appears to be a significant amount of cohabitation among family members. Findings indicate the multi-generational American home is proliferating. In fact, it is likely to occur in all ethnic groups surveyed. Results show that 63 percent of Hispanics and 59 percent of African Americans will likely have their parents, grandparents, or other extended family members living with them at some point. Only 43 percent of Caucasians share these sentiments.

House hunting has also been impacted by the increasing likelihood of multi-generational family units. According to survey results, 89 percent of African Americans, 89 percent of Hispanics and 88 percent of Caucasians who anticipate such living arrangements would look for features that could accommodate additional family members such as separate “in-law” quarters.

For more information on Better Homes and Gardens Real Estate, visit:www.bhgrealestate.com.

About the Survey
The Better Homes and Gardens Real Estate Survey was conducted by Wakefield Research among 1,200 Americans with an equal distribution of 400 nationally represented Caucasian adults, 400 nationally represented Hispanic American adults, and 400 nationally represented African-American adults, ages 18 and older, between December 7 and December 26, 2012, using an email invitation and an online survey. Quotas were set to ensure reliable and accurate representation of the Caucasian, Hispanic American and African-American populations, ages 18 and older.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.9 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Better Homes and Gardens Real Estate LLC

Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. The growing Better Homes and Gardens Real Estate network includes approximately 8,300 sales associates and approximately 250 offices serving homebuyers and sellers in Canada and across the U.S.: Alabama, Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Kansas, Pennsylvania, Maine, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Ohio, Oregon, South Carolina, Texas, Vermont, Virginia and Washington.

Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated.

For more information, please visit www.BHGRealEstate.com.

Media Contacts:

Elliot Schimel
Kwittken & Company
(646) 747-0142
eschimel@kwitco.com

Katelyn Castellano
Better Homes and Gardens Real Estate LLC
(973) 407-6849
Katelyn.Castellano@BHGRealEstate.com

 

 

BETTER HOMES AND GARDENS REAL ESTATE SURVEY SHOWS NEW ‘KIDS’ ON THE BLOCK WILLING TO WORK HARD TO MAKE HOME AS UNIQUE AS THEY ARE

Findings Indicate Next Generation of Homeowners Reinterpret Traditions, Prefer Customized ‘Smart’ Homes Distinct from Previous Generations

PARSIPPANY, N.J. (March 12, 2013) – There’s a new type of homebuyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical luxury and prototypical homes do not entice them; rather these consumers strive to own homes that stand apart and suit their personal lifestyle… Enter the next generation of homebuyers.

Better Homes and Gardens® Real Estate today released national survey findings of 18-35 year- old Americans that reveal the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results indicate that the next generation of homeowners seeks essential, purposeful homes (77%) equipped with the technological capabilities they have grown accustomed to, as opposed to stereotypical luxury homes preferred by many in their parents’ generation. The findings also demonstrate that 82 percent of “Millennials” surveyed embrace their independence with gusto and prefer to handle home improvements on their own instead of turning to their parents for money; a stark contrast to the general misconception that paints young Americans as coddled or entitled.

“It’s critical that real estate professionals understand what embodies a quintessential home for the Millennial generation, which vastly differs from the traditional norms of generations before them,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “These survey findings allow our brand to continue to best serve the next generation of homebuyers and find homes that can or do appeal to their lifestyles and unique spirit. Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; ‘smart’ technological capabilities must now be ingrained into the home itself.”

Key findings from the Better Homes and Gardens Real Estate survey include:

The Fix-It Generation: While homeownership presents new responsibilities and surprises for first-time homeowners, Millennials are prepared for home maintenance tasks. Nearly 1 in 3 (30%) Millennials surveyed would actually prefer a “fixer-upper” to a house with minimal repairs needed.

They aren’t afraid of rolling up their sleeves either. Nearly half (47%) of survey respondents would be more likely to tackle a home maintenance problem themselves, rather than calling a professional to handle the job. Furthermore, 72 percent of Millennials consider themselves just as handy—if not more so—than their parents.

Bigger Isn’t Always Better: Unlike their Baby Boomer parents, 77 percent of Millennials surveyed would prefer an “essential” home compared to a grand stereotypical luxury home. This generation wants their living quarters to be as unique as they are; more customized and less “cookie cutter” (43%). To that end, Millennials seek for each room of their home to serve a purpose fit for their lifestyle. For instance, 1 in 5 of survey respondents agree that “home office” is a more appropriate name for their dining room based on what they typically use it for, and 43 percent would like to transform their living room into a home theater.

Home, Sweet (Smart) Home: When it comes to the next generation of homeowners, more than half (56%) of Millennials believe home technology capabilities are more important than “curb appeal.” If a home is not up-to-date with the latest tech capabilities, 64 percent of Millennials surveyed would simply not consider living there. In addition, 84 percent of the younger Americans surveyed believe that technology is an absolute essential to have in their homes. The most sought-after tech being an energy efficient washer and dryer (57%), security system (48%), and smart thermostat (44%).

Their Home, Their Way: Millennials have a fresh perspective on furnishing a home. Fifty-nine (59) percent of those surveyed would rather have extra space in their kitchen for a TV, as opposed to a second oven, and they seek to be entertained in every room of their home. While kitchen renovations are likely to remain a top improvement priority, tech updates are highly desirable, as well. In fact, 41% Millennials would be more likely to brag to a friend about a home automation system over a newly renovated kitchen.

These findings are an extension of a 2012 Better Homes and Gardens Real Estate homeownership survey, which revealed that in spite of the recent housing crisis, Millennials are undeterred from buying a home and believe owning a home is a key indicator of success.

About the Survey

The Better Homes and Gardens Real Estate survey was conducted by Wakefield Research among 1,000 nationally representative adults, ages 18-35, between December 7, 2012 and December 26, 2012, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the adult population, ages 18-35.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Better Homes and Gardens Real Estate LLC

Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. The growing Better Homes and Gardens Real Estate network includes approximately 8,300 sales associates and approximately 250 offices serving homebuyers and sellers in Canada and 25 U.S. states: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Kansas, Pennsylvania, Maine, Massachusetts, Minnesota, Missouri, New Hampshire, New Jersey, New York, Nevada, Ohio, Oregon, South Carolina, Texas, Vermont, Virginia and Washington.

Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated. For more information, please visit www.BHGRealEstate.com.

Media Contacts:

Elliot Schimel Kwittken & Company (646) 747-0142 eschimel@kwitco.com