The Cotton Report’s latest survey focused on buyer confidence and attitudes about market recovery among roughly 1,000 individuals pursuing real estate purchases.
As a follow up to the 2009 Cotton Report, the latest survey produced measurable year-to-year transition in the market.
“The current transactional marketplace is made up of investors capitalizing on foreclosures and primary homebuyers relocating. The second home and vacation home market has retracted and lifestyle buyers are delaying purchases”
Laurie Andrews, COO of Cotton & Company, explains, “The current transactional marketplace is made up of investors capitalizing on foreclosures and primary homebuyers relocating. The second home and vacation home market has retracted and lifestyle buyers are delaying purchases,” Andrews adds, “We anticipate increased momentum in 6-12 months — inventory will be absorbed, buyers will return to the market, best case scenario.”
2010 Cotton Report Results
- 44% of survey participants are currently considering a real estate purchase, up 8% from the 2009 Cotton Report
- 60% of the market does not feel we have hit bottom yet
- 42% must sell their current home to make a move, an increase of 13% from 2009
- % of survey participants plan to purchase within 6–12 months, up 25% from 2009
- 56% seek primary home, 40% investment, only 4% are seeking a vacation home
- An increase of 5% in those who are “downsizing”, doubling those indicating a need to “upsize”
According to Stephann Cotton, President of Cotton & Company, “We know that once consumers feel the economy has stabilized, people who have been shopping for investments will make their purchases and this should happen over the next two years.” Cotton adds, ““Real estate developers and property owners who are out of the market will miss enormous opportunities.”
About Cotton & Company
Cotton & Company is an award-winning real estate marketing firm that has represented more than 1,500 communities including: custom estate, master planned, multi-family, resort and spa destinations. Cotton & Company also manages marketing programs for destination clubs, the marina industry, tourism and corporate portfolios.