Cotton & Company’s 5th annual consumer survey is underway. The annual online report surveys prospective homebuyers throughout the US to gain insight into the current buyer’s psychology. With more than 700 respondents providing insight on the factors that affect their purchase decision, the data has become an industry standard for forecasting residential real estate trends. As the data continues to be analyzed for the final report, early indications show liquidity has returned to the market.
When asked about their reason for not purchasing to date, the consumer response “Can’t sell my existing home” dropped significantly from the 2011 market data. As additional support to this position, consumer interest in “Waiting for Better Pricing” has dropped to 8%, from the highpoint of 29% in 2010. In addition to information on timing, size of home and other product related questions, The 2013 Cotton Report will also provide insight into the use of new technology and social marketing for researching new home opportunities.
Keep an eye out for the final results to be published in the coming weeks.