Coldwell Banker Launches 3 New Tools to Empower Home Sellers
Despite the current seller's market, nearly half of American homeowners (46%) are unsure of the current value of their home. This is according to the latest Coldwell Banker survey, which launches today alongside a refreshed ColdwellBanker.com and the newest "Dream" ad campaign. Part of the brand's 2022 Seller Strategy, this campaign will give potential home sellers the tools and help they need to navigate today's market -- and to dream big. The Dream ad campaign airs March 15 during March Madness and features an unveiling of ColdwellBanker.com and three new Coldwell Banker products: CB Estimate℠, Move Meter℠ and the Seller's Assurance Program. Paired with the brand's 100,000 world-class agents, these products help ensure that Coldwell Banker Real Estate is delivering something for every step of the seller journey, from inspiration to action. Coldwell Banker Real Estate LLC, a Realogy company, commissioned the survey conducted online by The Harris Poll among 2,000+ US adults to understand the ways Americans assess their real estate dreams and what support they value during the selling process. Findings include: Opportunities for home sellers are ripe as the COVID-19 pandemic has made younger generations more likely to think about pursuing their dreams, and for some this includes home ownership. Over a quarter of Americans (29%) who experienced the pandemic – especially GenZers and Millennials – are more likely to think about pursuing their dreams. Pursuit of happiness: 39% of Gen Zers (age 18-25) and 41% of Millennials (age 26-41) say they are much or somewhat more likely to think about pursuing their dreams (e.g., making a housing move, pursuing a passion project, making a career change, expanding family) after experiencing the COVID-19 pandemic. Location, Location, Lifestyle: When it comes to home, more than 4 in 5 Americans (87%) say it is important to them that the location of their home (rural, suburban or urban) aligns with their lifestyle. Dreaming about everywhere: Not all Americans agree on what the ideal dream home looks like. Top dream home locations include: In a location with warm weather (33%) In the suburbs with ample space (28%) Remote and off the beaten path with a large plot of land (25%) Americans need help selling and finding their dream home. According to this survey, nearly half (46%) of American homeowners say they are unsure of the current value of their home. That number increases to 52% among Gen Z homeowners and 54% among Millennial homeowners. With the new CB Estimate℠ tool, Coldwell Banker is making it easier to find out what a home is worth with a free and instant online estimate. Sellers can browse at their own pace, without having to fill out a form or provide data. What's more, sellers still have the upper hand as two thirds (67%) of Americans have not yet found their dream home. That proportion is even higher among Gen Z (72%) and Millennials (75%). Many Americans use home price estimate calculator tools as a first step for selling a home. More than a third of Americans (35%) would go to a real estate website with a home price estimate calculator tool as their first step to sell their home if they were looking to sell, and younger Americans are more likely to take this as a first step versus using a real estate agent. The new CB Estimate℠ and Move Meter℠ tools will help kickstart the process of a home evaluation. From there, Coldwell Banker affiliated agents are ready to take a sale to the next level – by getting the most for a customer's current home and bringing them one step closer to finding that dream home. In fact, Coldwell Banker affiliated agents have achieved a 20.7% higher U.S. sales price than the National Association of Realtors® average. Online shopping: If they were looking to sell a home, more Gen Z (ages 18-25) and Millennials (ages 26-41) would go to a real estate website with a home price estimate calculator tool as their first step to sell their home (44% and 43%) versus contacting a real estate agent directly (30% and 35%). But when it comes to selling a home, agents are still key. Proving just how valuable a human approach is to the selling process, 60% of Americans would trust a licensed real estate agent to accurately estimate the value of a home more than an online valuation tool. That's why Coldwell Banker's Estimate tool is designed to be paired with one of our star agents, who can verify a home's true value. License to sell: Nearly half (45%) of Americans say if they were going to sell a home, contacting a licensed real estate agent directly would be their first step. The "Great Resignation" continues to impact home. Compared to a fall Coldwell Banker survey, people are increasingly willing to take a pay cut or accept a new job with a lower salary if it meant moving to a more affordable location. Thanks to the "Great Resignation," the movement of people leaving the workforce during the pandemic, Americans feel empowered to make these moves. In fact, housing affordability and cost of living are factors that are important to an overwhelming majority of Americans when considering a move to a new location. Employed Americans are increasingly willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location: The percentage of those willing rose from 41% in October 2021 to 46% in February 2022. A significant increase (21% change) was seen among employed males aged 18-34 (53% to 64%). Getting out of town: Of American homeowners who plan to sell their home in the future, 44% plan to move to a different city or state. That proportion increases to 58% among Gen Z and 54% among Millennial homeowners who plan to sell. Americans aren't moving on a whim, though. They value data that help them gain a fuller understanding of a new real estate market. Researching the right way: When considering a move to a new location, Americans say the following factors are at least somewhat important to them: Quality of Life (lifestyle and/or environmental elements): 94% Housing affordability: 93% Cost of living affordability: 93% Job market strength: 70% With these desires in mind, Coldwell Banker Real Estate created the Move Meter℠ – a proprietary tool built to help people dream differently by comparing various data points to evaluate a move from one place to another, including: housing affordability, quality of life, job market strength and living affordability. When one is ready to sell, the Seller's Assurance Program, developed to make home selling easier and more rewarding than ever, articulates the seller benefits available through working with a Coldwell Banker affiliated agent to sell or list a home. The Seller's Assurance Program is intended to spotlight the tailored offerings each Coldwell Banker affiliated agent provides their clients. "With today's lack of inventory, how do we inspire homeowners to consider listing their home for sale? That's where the Coldwell Banker 2022 Seller Strategy comes in, and along with it the Dream campaign, survey and refreshed ColdwellBanker.com," said David Marine, CMO of Coldwell Banker Real Estate LLC. "We've given our website a new and refreshed look that is complete with intuitive tools designed to make finding the estimated value of your current home seamless. With more Americans willing to take a pay cut to move to a more affordable location, we saw a need for tools that let them dream differently." Visit coldwellbanker.com to see the new look and feel of the Coldwell Banker website and explore the CB Estimate℠, Move Meter℠ and Seller's Assurance Program to see the current worth of your home, find an agent and prepare for your next move to your dream home.