MADISON, N.J. (EMBARGOED UNTIL May 29, 2013) — Century 21 Real Estate LLC, the franchisor of the world’s largest residential real estate sales organization, today announced the results of its spring home selling survey, conducted online by Harris Interactive among 2,058 U.S. adults (18+) in May, 2013. The CENTURY 21® survey revealed that 33 percent of people currently searching for a home have been on the hunt for more than a year, and that the vast majority of them are willing to negotiate with sellers and make compromises to find their next home. In particular, prospective homebuyers are willing to compromise on popular amenities and their home’s location.
Since the decline of the housing market in 2006, many would-be sellers refrained from putting their homes on the market due to reservations about decreases in home values. As the real estate market recovers, the number of homes available for sale remains a challenge for the industry. Listed inventory in April is approximately 14 percent below one year earlier, which underscores the dramatic reversal of the previous years’ buyers’ market status. With an increase of buyers coming into the market, the lack of available homes for sale has presented challenges for first-time and move-up homebuyers.
“For the last few years, certain homeowners have been hesitant to list their homes due to unfavorable economic conditions,” said Rick Davidson, president and CEO, Century 21 Real Estate LLC. "Today, the recovery in housing continues to gain momentum, and with so many buyers in the market who are competing for so few available homes, it is a great time for sellers to speak with a real estate professional about the advantages of listing their home.
Lack of Inventory, Surplus of Offers
The CENTURY 21 spring selling survey shows there are plenty of serious buyers in the market who are actively making offers, but due to low inventory and many houses receiving multiple offers, bidding wars are becoming more common.
“The recovery has transformed the mindset of many buyers and sellers who grew accustomed to the buyers’ market we saw for years,” said Davidson. “Right now, we’re in a situation where buyer confidence is building back up and demand is strong. As our survey indicates, sellers are now in a more favorable position.”
Buyers Are Willing to Make Compromises to Find Their Home
With competition stiff among buyers, Century 21 Real Estate’s spring home selling survey reveals that many are willing to make compromises on both the home itself and in the negotiations with the sellers in order to get their offer accepted.
This survey was conducted online within the United States from May 2 to May 6, 2013, among 2,058 adults ages 18 and older, of whom 365 were identified as searching for a home to purchase, by Harris Interactive on behalf of Century 21 Real Estate LLC via Harris’ Quick Query omnibus product. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online; a full methodology is available.
 National Association of Realtors’ April Existing Home Sales Report – May 22, 2013