BIA- Building a Post-Recession Playbook

WHA had the pleasure of attending the BIA event ” Building a Post Play Recession Book” on Friday, March 25. Mollie Carimichael, of John Burns Real Estate Consulting, was the keynote speaker and presented a very interesting and informative speech about today’s consumers. John Burns Real Estate Consulting put together a survey to find out what is important to a consumer when purchasing a home and sent the survey to over 30 of the nations top builder’s who then directly sent it to their potential customers. Mollie only expected 1,500-2,000 people to fill out the survey and was shocked when over 10,000 people from all over the United States filled it out. Here are the consumers feed back on what is important to them in a home.

2011 Theme

1. Design matters

-Design is your greatest advantage today

-Design has been compromised due to price. However, consumers still want more then they can afford.

2.Consumers have confidence

-84% think that now is a good time to buy

-80% will buy if they can find what they are looking for

3.Personalization

-Personalization is the emotion that ties people to ownership

-Decorating Styles- Pottery barn ranked #1 as the consumer’s favorite decorating store. Crate and Barrel #2. The consumers like that they can buy a good, well-made basic piece and then continually change the accent pieces (Pillows, throws, etc.)

4.They want green…. and the best technology

-They will pay more for it- especially the boomers

-Consumers expect it

-It separates the new from resale/used.

5. Social Media? Not Yet

-Do consumers use it to buy a house? Not Really

-Realtors were #1 followed by Real Estate websites like Realtor.com, Zillow.com

6. Bigger is still better

-Consumers still prefer more square footage and more function

7. Boomers will move

-65% of Boomers said they would move when they retire

-Rely on public amenities and not necessarily community amenities

-Dual Residences (selling house, buying condo near work and a vacation home in the desert, etc.)

8.Suburban large lot preferred over cost of Master Plan

-41 wants a single suburban large lot with space and privacy.

-20% wants a suburban master plan

9.Casual and Comfortable style are preferred

10. Gen Y isn’t that different

-Price is most important

-Wants personality

-Wants to purchase in the suburbs because you get more for your money.