Coldwell Banker's Home Seller Survey
Roaring 20s: Real Estate Saddles Up for a Seller’s Market as One in Five Homeowners Plans to Sell this Year According to Survey
Coldwell Banker focuses on guiding sellers home through a spring selling season like no other by pairing “Guiding You Home Since 1906” marketing campaign with a home seller survey
Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, recently commissioned a survey, conducted online by The Harris Poll among over 1,300 U.S. homeowners, exploring their plans to sell amid this year’s fast-paced market to coincide with its national ad, “Guiding You Home Since 1906,” airing during the NCAA Men’s College Basketball Tournament. The survey findings indicate this already hot real estate market is roaring into this decade, as one in five homeowners (20%) plans to sell in the next 12 months.
“Guiding You Home Since 1906”
Airing just in time to capitalize on this growing trend, the “Guiding You Home Since 1906” ad shows people celebrating the joy of returning home, a sentiment made more meaningful after a year spent apart from those we love. Last year, following a first-of-its-kind transparent rebrand to modernize the 40-year-old logo, the brand released the ad with the new North Star logo and brand story to the consumer market set to air during the 2020 NCAA Men’s College Basketball Tournament. However, after only a week of airing the ad, the tournament was cancelled.
Now, after a year of pivots, the real estate industry’s most effective ad will air again during the 2021 NCAA Men’s College Basketball Tournament among several other platforms including Hulu, HGTV, Food Network and other cable network programing.
The ad ranks as the top real estate ad of 2020, outpacing the industry average with high marks for likeability, attention and music as measured by Ace Metrix. Ace Metrix also confirms that “Guiding You Home Since 1906” is in the top 3.4% of all ads for heartfelt scores.
It’s no wonder consumers love the “Guiding You Home Since 1906” campaign. The ad showcases how Coldwell Banker-affiliated agents are a vital aspect in any home selling experience – especially in this fast-paced seller’s market, in which sellers need the most trusted guide in the industry to help them navigate this new normal.
Home Seller Survey: Real Estate’s Roaring 20s
Concurrent with the ad airing, the spring home buying and selling season is already hot. With record low inventory on the market, pent up demand and continued historically low mortgage rates, Coldwell Banker Real Estate asked home sellers about their plans to list their homes. The survey results reflect homeowners’ plans to sell, where they are going and their top concerns.
Americans on the Move
- One in five homeowners (20%) say they plan to sell their current home in the next 12 months.
- The Young and the Restless: Younger homeowners (aged 18-34 and 35-44) are more likely to say they plan to sell their home in the next 12 months compared to their older counterparts (39% and 36% vs. 19% aged 45-54, 6% aged 55-64, and 2% aged 65+).
Relocating and Upsizing
- In addition to a new home, many are seeking out a new location too. Nearly six in 10 homeowners who plan to sell in the next 12 months (57%) are relocating to a different city or state.
- The most common motivation for listing their home for sale among those who plan to sell in the next 12 months is the desire/need to upsize (39%). Other top motivations include realizing their home can sell for more than they thought (31%) and the ability to work remotely for their current employer (30%).
- Baby Bust in a Real Estate Boom. Many predicted a baby boom in 2020 – it just didn’t happen. Homeowners plan to expand their households in other ways, including getting a pet or having a relative move in, as 2 in 5 (40%) younger homeowners (ages 18-44) say their household size growing in the next 12 months will impact their housing needs.
- Nearly all homeowners planning to sell in the next 12 months (95%) would have concerns about selling today, in an unprecedented market. For those planning to sell in the next 12 months, the top concerns if they were to sell their home today are the U.S. economy tanking not being able to purchase a home after they sell (38%) and coming into contact with COVID-19 (34%).
- Younger homeowners are seeking extra guidance. If they were to sell their home today, younger homeowners are more likely than some of their older counterparts to say they would be concerned about the following:
- The home selling process being intimidating (35% 35-44 vs. 23% 45-54, 20% 55-64 and 15% 65+)
- not knowing what their home is worth (27% 18-34 vs. 12% 55-64 and 15% 65+)
- not knowing where to start (28% 18-34 and 22% 35-44 vs. 12% 55-64 and 8% 65+).
“Stepping up to the challenge of guiding people home in difficult times is not a new experience for Coldwell Banker agents. In fact, it was the impetus for our brand being founded in 1906. Now, 115 years later, we continue to act as the trusted advisors to our clients to ensure they are achieving their dream of home. This heartwarming ad and survey remind us why people need trusted real estate professionals to navigate one of life’s biggest emotional and financial decisions, especially in this fast-paced market.”
- Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC
“After a year like 2020, we’re all acutely aware of what defines ‘home’ – a place of security and comfort, where those we love wait for us. So when I reflect on the song we chose to represent our Coldwell Banker rebrand and ad campaign last year, ‘Homeward Bound’ by Simon & Garfunkel, I cannot think of a better fit. The lyrics not only resonate with the message of the ad but after the past year lots of homeowners are realizing they want more and are wishing to find the perfect home. No one is better suited to be that guide home than a Coldwell Banker agent. After all, we’re the only real estate company that’s been guiding people home for 115 years.”
- David Marine, CMO, Coldwell Banker Real Estate LLC
The ad was conceived and created by Siltanen & Partners, the national advertising agency for Coldwell Banker Real Estate LLC.
This survey was conducted online within the United States by The Harris Poll on behalf of Coldwell Banker from February 23-25, 2021 among 1,356 U.S. homeowners ages 18 and older, among whom 236 plan to sell their home in the next 12 months. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Caroline Tobin at CTobin@gscommunications.com.
About Coldwell Banker Real Estate LLC
Powered by its network of over 96,000 affiliated sales professionals in approximately 2,900 offices across 40 countries and territories, the Coldwell Banker® organization is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. Coldwell Banker Real Estate is committed to providing its network of sales professionals with the tools and insights needed to excel in today’s marketplace and is known for its bold leadership and dedication to driving the industry forward. The brand was named among the 2021 Women’s Choice Award® Most Recommended brands for customer experience and overall quality. Blue is bold and the integrity and values of Coldwell Banker give the Gen Blue network an unbeatable edge. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. To join Coldwell Banker Real Estate and unlock the possibilities of Gen Blue®, please visit www.coldwellbanker.com/join.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of U.S. residential real estate services, encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture. Realogy’s diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby’s International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of independent sales agents, helping them build stronger businesses and best serve today’s consumers. Realogy’s affiliated brokerages operate around the world with approximately 190,700 independent sales agents in the United States and nearly 130,000 independent sales agents in 115 other countries and territories. Recognized for ten consecutive years as one of the World’s Most Ethical Companies, Realogy has also been designated a Great Place to Work three years in a row and one of Forbes’ Best Employers for Diversity. Realogy is headquartered in Madison, New Jersey.
Original blog post courtesy of the Coldwell Banker Blue Matter Blog.