Published: April 2, 2023 | By: WRE News
Many U.S. homebuyers and sellers are rethinking their approach to achieving their real estate goals, according to a study commissioned by RE/MAX. 2022 saw a notable increase in mortgage rates compared to historic lows in 2020-21 and with many economic factors to watch based on the first quarter of 2023, Gen Z home buyers are being more mindful when buying their next home.
The global real estate franchisor released a comprehensive, current analysis of consumer tendencies and professional strategies around buying, selling, or owning a home. The U.S. Future of Real Estate 2023 Report was developed in partnership with the advertising agency Camp + King and conducted by leading consumer insights agency Canvas8. The research, which included a survey of more than 2,900 American homebuyers or sellers and expert interviews with real estate researchers and economists, identified six key themes exploring people’s attitudes and values toward buying, owning, and selling homes are shifting.
The six key themes identified in the report as main trends and mindsets impacting home buying and selling in 2023 are:
“The events of the past few years have made homebuyers more deliberate about what a home should offer them,” said Nick Bailey, RE/MAX President and CEO. “A home purchase is one of the largest transactions a person will make in their lifetime, so it’s important for them to clearly understand what they’re seeking in a home. Research like this can help a real estate professional guide them in their search.”
“Times change, and in a fast-paced industry like this one, it’s important to stay a step ahead. The research shows consumers are increasingly turning to experienced, full-time professionals – and those agents make up the RE/MAX network,” added Bailey.
Highlights from each of the six themes identified in the report include the following**:
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