Real Estate Q3 Outlook Survey: Men and Women View Homeownership through Different Lenses

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Prudential Real Estate recently released results of its third quarter Consumer Outlook Survey indicating men and women don’t necessarily see eye to eye when it comes to homeownership and the responsibilities related to home-buying and selling.

Men claim to be more responsible for financial aspects while women assume the lead for neighborhood research and planning portions of the process. While 39 percent of men in partnerships claim researching banks and securing a mortgage are completely their responsibility, 42 percent of women in partnerships indicated it is their sole responsibility to manage appointments and 34 percent take the lead in researching neighborhoods.

Women also seem to enjoy the process of purchasing a home more so than men. A full 87 percent of women said they enjoy looking at homes compared with 77 percent of men. Moreover, feelings associated with homeownership are more pronounced in women than in men. When asked about the reasons why homeownership is “very important,” more women associated it with a sense of pride or accomplishment (16 percent higher than men) and independence (11 percent higher). For men, “control over living space” and “more space for my family” were most important.

“As the real estate market strengthens and household formation grows, men and women approach the buying-selling process from different angles,” said Earl Lee, chief executive officer of HSF Affiliates LLC and president of Prudential Real Estate. “What’s most interesting is the dynamic that exists among couples and the role that agents play in balancing couple’s real estate objectives.”

A gap seems to exist between men and women about the perception of shared responsibilities involved in purchasing and selling homes.

• 71 percent of females say that making the down payment is a shared responsibility compared with 56 percent of males.
• 53 percent of males are more likely to say researching schools is a shared responsibility compared with 42 percent of females.
• 65 percent of females say collecting and evaluating assets and/or financials is a shared responsibility whereas only 54 percent of males say the same.
• 63 percent of men say keeping the house in order for a potential buyer is a shared responsibility compared with 47 percent of women

The sexes stand in agreement on the “most important home features,” ranking “safe neighborhood,” “overall condition of the home” and “number of bedrooms” ahead of others.

Still, the varying points of view between men and women place agents in the middle, serving as the local-market expert and often the voice of reason. Of those surveyed and in a partnership, 83 percent said their last real estate agent was helpful in forming an agreement with their partner and 86 percent value the agent’s point of view as much as or more than their partner’s.

Carl Medford, an agent with Prudential California Realty’s Castro Valley office, said real estate consumers are usually eager and anxious at the same time, which can result in disagreement among couples. “When my clients don’t see eye to eye on a particular property or home features I wait for the appropriate moment and say, ‘I also provide marriage counseling,’” said Medford with a laugh. “If there’s friction I’ll say let’s go get a coffee and sort this out. Simply acknowledging the tension usually helps.”

Medford wasn’t kidding when he mentioned marriage counseling. As a former senior pastor of a large Bay Area church for 24 years, he helped counsel people working through all sorts of challenges and opportunities. “Buying and selling real estate can be so rewarding, yet people need to realize that the process can be stressful. My message is take a step back, take a deep breath and let’s work through the process together.”

Both women and men cited “honest” and “knowledgeable” as the most important qualities in a real estate agent, and 92 percent of respondents said their agent was helpful in the real estate process.

Confidence Remains in the Marketplace
Consumers remain confident in the recovering real estate market, according to the survey. Their favorability perception of residential real estate at 73 percent rose to the highest level since the survey began in 2011.

Homeownership continues as a priority to nearly all survey respondents, as 96 percent described it as “very important” or “somewhat important.”

“People believe in real estate and want to take advantage of the housing opportunities out there,” said Stephen Phillips, chief operating officer at HSF Affiliates LLC. “A home is a solid, long-term investment on which you can live and build your dreams.”

For more information, visit www.prudentialrealestate.com.

RISMedia

Ruth Schoenherr of Innovative Mortgage, Clearwater, is a mortgage broker who will help you find homes loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, Tampa, St. Petersburg area.  For more information, go to her web site at www.clearwatermortgagebroker.net.

Rising Rates, Health Care Lead Top 10 Issues Affecting Real Estate

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Rising interest and capitalization rates top the list of issues that have future implications for real estate. That’s according to an industry expert at the “Top 10 Issues Affecting Real Estate” session held recently at the 2013 REALTORS® Conference and Expo.

Scott Muldavin, industry veteran and president of The Muldavin Company Inc., a consulting firm in San Rafael, Calif., that serves the real estate industry, shared his insights into top issues that could potentially impact homeowners, real estate markets and the industry in the coming years.

He said the top issue affecting real estate is that historically low interest rates have driven the economy and real estate markets in recent years, but as rates start to rise, it could raise capitalization rates, the ratio between the income produced by an asset and its cost, which could create anxiety about investing in real estate. “Interest rates are going to rise significantly, so my advice is to be careful about your investments today and lock in those low rates if you can,” said Muldavin.

He said that healthcare is also an important issue that has implications for real estate. As the population ages, there will be greater demand for senior housing, requiring a change in the configuration and size of available housing, and for greater medical care, resulting in an expansion in medical facilities.

Muldavin said there’s been a capital market resurgence, which is good news for residential and commercial real estate. In commercial markets, transaction volume is up, credit is available, underwriting has loosened and a full range of debt options is back. For residential markets, underwriting remains tougher but rates are near historic lows and affordability remains high.

Future housing demand from echo boomers, the 80 million Americans born between 1982 and 1995, will also impact real estate markets, he said. “We are the only developed country that has had an echo boom and that’s a positive thing if the country can react and respond to it,” said Muldavin.

Echo boomers often prefer a more flexible and active urban lifestyle, they rely heavily on mass transit, and are often willing to trade home size for location. However, Muldavin said that the suburbs are fighting back with better mass transit, new bike paths, and repurposed properties to attract more future buyers.

Source: RISMedia

Ruth Schoenherr of Innovative Mortgage, Clearwater, is a mortgage broker who will help you find homes loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, Tampa, St. Petersburg area.  For more information, go to her web site at www.clearwatermortgagebroker.net.

Moving can be an overwhelming experience even when it goes smoothly. Unfortunately, it can also create opportunities for enterprising criminals. Make sure to protect your identity amidst the shuffle by following these smart steps:

1. Change your address with all the companies, financial institutions, magazines, and other organizations that regularly send you mail. Identity theft is often carried out by stealing mail. The people who move into your old residence won’t necessarily steal your identity, but they will most likely throw mail that isn’t theirs, and they won’t necessarily take the care to shred it as you would. Prior to your move, change your mailing address through the United States Postal Service. You can even choose the date you want the change to take effect, so feel free to do this task early and cross it off your list.

2. Shed and shred. Moving creates a good opportunity to get rid of things you no longer need, including old documents. But don’t just throw them away; shred sensitive personal documents you don’t need to keep.

3. Keep physical tabs on your identity. Regardless of whether you move yourself or use a moving company, keep your important documents with you in a secured place. When it comes to your identity, a filing cabinet in a trailer isn’t secure enough.

4. Always keep the security of your identity in mind. Hire only a reputable moving company. After all, you are inviting them into your home. And, if your movers are going to pack your belongings for you, secure your important documents prior to their arrival.

5. Manage your technology inventory closely. Many households now include multiple computers, mobile phones, tablets, and other devices storing sensitive information. It would be easy for one to be inadvertently misplaced, or purposely stolen. Make sure your devices are securely packed in unmarked packaging, and that they are locked with strong passwords.

Taking these small steps before and after a big move will not only give you piece of mind, it will help go a long way to ensuring the safety of you and your family in the long run.

Source: Experian’s ProtectMyID/RISMedia

Ruth Schoenherr of Innovative Mortgage, Clearwater, is a mortgage broker who will help you find homes loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, Tampa, St. Petersburg area.  For more information, go to her web site at www.clearwatermortgagebroker.net.

Prudential Real Estate recently released results of its third quarter Consumer Outlook Survey indicating men and women don’t necessarily see eye to eye when it comes to homeownership and the responsibilities related to home-buying and selling.

Men claim to be more responsible for financial aspects while women assume the lead for neighborhood research and planning portions of the process. While 39 percent of men in partnerships claim researching banks and securing a mortgage are completely their responsibility, 42 percent of women in partnerships indicated it is their sole responsibility to manage appointments and 34 percent take the lead in researching neighborhoods.

Women also seem to enjoy the process of purchasing a home more so than men. A full 87 percent of women said they enjoy looking at homes compared with 77 percent of men. Moreover, feelings associated with homeownership are more pronounced in women than in men. When asked about the reasons why homeownership is “very important,” more women associated it with a sense of pride or accomplishment (16 percent higher than men) and independence (11 percent higher). For men, “control over living space” and “more space for my family” were most important.

“As the real estate market strengthens and household formation grows, men and women approach the buying-selling process from different angles,” said Earl Lee, chief executive officer of HSF Affiliates LLC and president of Prudential Real Estate. “What’s most interesting is the dynamic that exists among couples and the role that agents play in balancing couple’s real estate objectives.”

A gap seems to exist between men and women about the perception of shared responsibilities involved in purchasing and selling homes.

• 71 percent of females say that making the down payment is a shared responsibility compared with 56 percent of males.
• 53 percent of males are more likely to say researching schools is a shared responsibility compared with 42 percent of females.
• 65 percent of females say collecting and evaluating assets and/or financials is a shared responsibility whereas only 54 percent of males say the same.
• 63 percent of men say keeping the house in order for a potential buyer is a shared responsibility compared with 47 percent of women

The sexes stand in agreement on the “most important home features,” ranking “safe neighborhood,” “overall condition of the home” and “number of bedrooms” ahead of others.

Still, the varying points of view between men and women place agents in the middle, serving as the local-market expert and often the voice of reason. Of those surveyed and in a partnership, 83 percent said their last real estate agent was helpful in forming an agreement with their partner and 86 percent value the agent’s point of view as much as or more than their partner’s.

Carl Medford, an agent with Prudential California Realty’s Castro Valley office, said real estate consumers are usually eager and anxious at the same time, which can result in disagreement among couples. “When my clients don’t see eye to eye on a particular property or home features I wait for the appropriate moment and say, ‘I also provide marriage counseling,’” said Medford with a laugh. “If there’s friction I’ll say let’s go get a coffee and sort this out. Simply acknowledging the tension usually helps.”

Medford wasn’t kidding when he mentioned marriage counseling. As a former senior pastor of a large Bay Area church for 24 years, he helped counsel people working through all sorts of challenges and opportunities. “Buying and selling real estate can be so rewarding, yet people need to realize that the process can be stressful. My message is take a step back, take a deep breath and let’s work through the process together.”

Both women and men cited “honest” and “knowledgeable” as the most important qualities in a real estate agent, and 92 percent of respondents said their agent was helpful in the real estate process.

Confidence Remains in the Marketplace
Consumers remain confident in the recovering real estate market, according to the survey. Their favorability perception of residential real estate at 73 percent rose to the highest level since the survey began in 2011.

Homeownership continues as a priority to nearly all survey respondents, as 96 percent described it as “very important” or “somewhat important.”

“People believe in real estate and want to take advantage of the housing opportunities out there,” said Stephen Phillips, chief operating officer at HSF Affiliates LLC. “A home is a solid, long-term investment on which you can live and build your dreams.”

For more information, visit www.prudentialrealestate.com.

RISMedia Nov 5, 2013

Ruth Schoenherr of Innovative Mortgage, Clearwater, is a mortgage broker who will help you find homes loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, Tampa, St. Petersburg area.  For more information, go to her web site at www.clearwatermortgagebroker.net.