Century 21 Real Estate First-Time Home Buyer Survey Reveals Increasing Demand Despite Concerns about the Economy

78% Of Potential First-Time Home Buyers Say That Now is a Good Time to Buy
PARSIPPANY, N.J.--(Business Wire)--
Century 21 Real Estate LLC, the franchisor of the world`s largest residential
real estate sales organization today announced the results of its recently
commissioned first-time home buyer survey. The survey found that more than
three-quarters (78 percent) of potential first-time home buyers say that now is
a good time to buy a home, despite widespread concern about the economy. Out of
the 1,000 prospective U.S. first-time home buyers surveyed in early March for
the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better
time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more
than eight of ten first-time home buyers (85 percent) saying they consider
current home prices affordable and 73 percent citing that taking advantage of
current prices is a major factor in their decision to buy. Interestingly,
potential first-time buyers are still split between "being willing to consider
an offer now" (42 percent) and "waiting for prices to go down before they
seriously consider making a purchase" (48 percent).

"Current pricing, rates and incentives, such as the First Time Homebuyer Tax
Credit, provide tremendous opportunities for first-time home buyers to get into
the market," said Tom Kunz, Century 21 Real Estate president and CEO. "Our
research shows that while consumers still have concerns about the future of the
economy, many are actively considering their options as we move into the spring
selling season."

Among the survey`s other key findings:

* Bargains in the marketplace are providing additional options for buyers to
consider. 56 percent of potential first-time home buyers are considering
purchasing a foreclosed or short sale home, and 63 percent are open to
purchasing either a "fixer-upper" or "as-is" home.
* When asked to rate the features that they look for when choosing a home, price
is the primary consideration with 87 percent saying this feature is "very
important," followed closely by neighborhood safety (80 percent) and the
condition of the home (71 percent).
* Having enough money for a down payment is a top concern of potential
first-time home buyers as nearly half (46 percent) said they are "very worried"
about the issue.
* Most respondents (86 percent) are in the market for single family homes.

Available Government Incentives

In addition to affordable home prices and mortgage rates, the survey also showed
strong interest in taking advantage of the recent government stimulus. More than
three-quarters (77 percent) of potential first-time home buyers say they are
more likely to buy a home in the next six months because of the $8,000
first-time home buyer tax credit offered in the American Recovery and
Reinvestment Act of 2009.

Affordable Mortgage Rates

Perception about the lending market is a key concern for prospective first-time
home buyers. Current mortgage rates are considered to be affordable by
approximately three-quarters (72 percent) of respondents and 62 percent
recognize that rates are lower than a year ago. However, 75 percent of potential
first-time home buyers believe it is difficult to get a home loan right now and
74 percent think it is harder to get a loan than the same time last year.

"Traditional mortgage investors, Fannie Mae, Freddie Mac, FHA and VA are
receiving significant financial backing from the federal government, keeping
interest rates low and mortgage funds available for qualified buyers," said
Marshall Gayden, senior vice president of Century 21 Mortgage®. "Home buyers who
have a stable job history of at least two years, solid credit (620 and above)
and down payment money that can be documented (3.5% on FHA loans) are well
positioned to secure a mortgage in today`s credit environment."

Understanding the Buying Process

Prospective first-time home buyers also indicate that there is a real need for
someone who can provide accurate and reliable information while they look for a
home. When asked about the real estate transaction process, more than half (59
percent) of potential buyers rated their understanding of the process as only
"fair" or "poor."

"Between home loans, the closing process and understanding the new government
stimulus, real estate professionals play a vital role in working with first-time
home buyers to help them navigate the current market," said Kunz. "Every
individual situation is different, and consumers should use their Realtor as a
trusted advisor to seek opportunities, get educated on the process and make
informed decisions."

In addition, the survey asked potential buyers which factors are most relevant
in their decision to choose a home:

First-Time Home Buyers`Top Reasons for Buying (% saying
major factor)
Taking advantage of current housing prices 73
Moving to a bigger living space 60
Having a more suitable place to start or raise family 56
Buying a home as an investment 47
Moving to a better neighborhood 44
Moving to better location for work 28

Visit www.century21.com for additional first time home buyer information.

Methodology

Penn, Schoen & Berland Associates conducted an online poll on behalf of Century
21 Real Estate LLC with 1,000 prospective first time home buyers that indicated
they were likely to buy their first home in the next two years. The survey
fielded from March 2-7, 2009, and has a margin of error of ± 3.1%.

About Century 21 Real Estate LLC

Century 21 Real Estate LLC (century21.com) is the franchisor of the world`s
largest residential real estate sales organization, providing comprehensive
training, management, administrative and marketing support for the CENTURY 21
System. The System is comprised of more than 8,500 independently owned and
operated franchised broker offices in 64 countries and territories worldwide.
Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global
provider of real estate and relocation services.

© 2009 Century 21 Real Estate LLC, A Realogy Company. CENTURY 21® Is A
Registered Trademark Licensed To Century 21 Real Estate LLC. An Equal
Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office is
Independently Owned and Operated.

Century 21 Real Estate LLC
Matt Gentile, 973-407-6102
Mobile: 973-647-9042
matt.gentile@century21.com

Copyright Business Wire 2009