Shifting Sense of Home ValueBy Integrity Windows
Berkshire Hathaway HomeServices recently released results of its first quarterly Homeowner Sentiment Survey, and results show that people’s perception of home value in the post-crash era runs much deeper than standard measures of price and location. According to Business Wire, Today’s property owners and prospective homebuyers define value in broader terms of personal confidence in their housing investment and how a property will meet their family needs now and in the future. Low interest rates and a strengthening economy have prompted this consumer optimism, reports Realtor Mag.
With an increasing economy and healing housing market, homeowner’s options are also on the rise. As reported by Business Wire, A large majority of owners (89 percent) expressed satisfaction with their home and current living situation; about a third said they’ve considered selling their home in the near future. Those thinking about selling are looking for properties that are better suited for, amongst various reasons, their changing lifestyles.
There does seem to be a bit of a discrepancy between generations’ reasoning behind ownership. Realtor Mag reports that Baby boomers and Gen Xers, tend to embrace home ownership first as a “smart, long-term investment.” Whereas millennials are “thinking in the now” about real estate and tend to place the highest priority on the “ease of a purchase decision,” including the ability to close quickly on the property, secure financing, and afford monthly payments.
Renovations continue to be a key focus for a vast majority of homeowners. 88 percent of those surveyed in the Homeowner Sentiment Survey said that updates and renovations are important in terms of enhancing long-term value. According to Realtor Mag, more than 60 percent of current homeowners said they favor “green” home improvements – even over kitchen, bath, and flooring projects.