LUXURY CONSUMERS STAY BULLISH ON REAL ESTATE
Despite the recent cooling of the real estate market, luxury homeowners remain positive about the market, according to the 2007 Coldwell Banker Previews International® Luxury Survey. A full 56 percent of survey respondents expect the value of their home to increase at least somewhat, and 10 percent expect it to increase significantly, during the next 12 months. Thinking more long term, 36 percent of respondents believe the value of their primary residence to increase significantly over the next five years, while 58 percent believe their residence will increase at least somewhat over that time period.“These responses tell us that the affluent truly understand the value in owning real estate,” said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate Corporation. “It is important to remember that in addition to being a home, real estate is a long-term investment, one that can withstand periodic changes in the market.”
The survey also revealed that affluent women are even more optimistic than men. Sixty-one (61) percent of female respondents expect the value of their home to increase somewhat over the next 12 months, compared to 50 percent of male, while both genders remain even at approximately 10 percent in predicting their homes’ value to increase significantly in the next year. Over the long term (five years), 40 percent of female respondents expect the value to increase significantly, compared to 32 percent of male. The sexes come out fairly even (60 percent male, 56 percent female) in forecasting that their homes will increase in value somewhat in five years.
“I’m not at all surprised that women are more positive about their home values than men,” Gillespie continued. “Women continue to comprise a significant segment of the home buying public; in fact, 22 percent of all homes sold last year were to single women. That statistic, together with affluent women’s confidence in real estate, suggests that women may, in fact, be the driver that ultimately helps the market turn the corner.” Read more.
David Siroty
Coldwell Banker Real Estate Corporation
973.407.7199
David.Siroty@coldwellbanker.com
Lauren Naru
MS&L
212.468.3040
Lauren.Naru@mslpr.com
posted by SFResidence.com @ 3:20 AM
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